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ITC: Building non-tobacco strengths

Feb 6, 2004

Tobacco major, ITC Limited, reported nearly 11% net revenue growth and an even better 17.7% bottomline growth in 3QFY04. As per the company's release, adjusting for a one-off non-basmati export opportunity last year (worth Rs 1,150 m), the underlying net turnover was up nearly 20% YoY.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Gross sales 27,794 29,946 7.7% 83,550 87,329 4.5%
Net Sales 14,676 16,234 10.6% 43,459 45,885 5.6%
Other Income 342 418 22.0% 1,095 1,687 54.0%
Expenditure 9,280 10,316 11.2% 26,656 27,667 3.8%
Operating Profit (EBDIT) 5,396 5,918 9.7% 16,804 18,218 8.4%
Operating Profit Margin (%) 36.8% 36.5%   38.7% 39.7%  
Interest (net) 69 72 3.9% 239 166 -30.4%
Depreciation 612 598 -2.4% 1,732 1,791 3.4%
Profit before Tax 5,058 5,666 12.0% 15,928 17,948 12.7%
Tax 1,823 1,859 2.0% 5,449 5,890 8.1%
Profit after Tax/(Loss) 3,235 3,807 17.7% 10,479 12,058 15.1%
Net profit margin (%) 22.0% 23.5%   24.1% 26.3%  
No. of Shares (eoy) (m) 247.5 247.6   247.5 247.6  
Diluted Earnings per share (Rs)* 52.3 61.5   56.4 64.9  
Current P/e ratio (x)   16.0     15.2  
*(annualised)            

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