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ITC: Encouraging margin improvementů

Jan 17, 2003

Tobacco major, ITC Limited, has reported over 12% growth in net sales and an encouraging 22% bottomline growth in 3QFY03. The numbers of the December quarter last year have been restated to include ITC Bhadrachalam Paperboards, consequently making the numbers comparable.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Gross sales 25,428 27,794 9.3% 73,764 83,550 13.3%
Net Sales 13,084 14,676 12.2% 36,748 43,459 18.3%
Other Income 220 342 55.9% 1,027 1,095 6.7%
Expenditure 8,386 9,280 10.7% 21,906 26,656 21.7%
Operating Profit (EBDIT) 4,698 5,396 14.9% 14,842 16,804 13.2%
Operating Profit Margin (%) 35.9% 36.8%   40.4% 38.7%  
Interest (net) 135 69 -48.9% 526 239 -54.6%
Depreciation 510 612 20.1% 1,476 1,732 17.4%
Profit before Tax 4,273 5,058 18.4% 13,867 15,928 14.9%
Tax 1,617 1,823 12.7% 4,834 5,449 12.7%
Profit after Tax/(Loss) 2,656 3,235 21.8% 9,034 10,479 16.0%
Net profit margin (%) 20.3% 22.0%   24.6% 24.1%  
No. of Shares (eoy) (m) 247.5 247.5   247.5 247.5  
Diluted Earnings per share* 42.9 52.3   48.7 56.5  
*(annualised)          
Current P/e ratio   13.0     12.1  

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