ITC LIMITED
RESULTS FOR – Q3
FY 2012-13
Q/E DEC, 2012
Net Sales for
Q3 FY 2013 stands at Rs.7627.07 Cr; compared to Rs.7146.00 Cr; (Up by 6.73%);
and Rs.6195.43 Cr in Q3 FY 12 (Up by 23.11%).
Total Expenditure for
Q3 FY 2013 stands at Rs.5059.56 Cr; compared to Rs.4727.17 Cr in Q2 FY 13 (Up
by 7.03%); and Rs.4040.63 cr in Q3 FY
12(Up by 25.22%).
Profit (+)/Loss (-)
before Interest, Dep. & Taxes
for Q3 FY 2013 stands
at Rs.2567.51 Cr; compared to Rs.2418.83
Cr in Q2 FY 13; (Up by 6.15%); and Rs.2154.80 Cr in Q3 FY 12 (Up by 19.15%).
Net Profit for Q3 FY 2013 stands at Rs.2051.85 Cr;
compared to Rs.1836.42 Cr in Q2 FY 13; (Up
by 11.73%); and Rs. 1700.98 Cr in Q3 FY
12 (Up by 20.63%).
Changes in inventories
of FG, WIP, SIT for Q3 FY 2013 stands at Rs.56.00 Cr;
compared to Rs(-)318.06; Cr in Q2 FY 13; (Up by 117.61%); and Rs(-)73.33 Cr in
Q3 FY 12 (Up by -176.37%).
Cost of materials for
Q3 FY 2013 stands at Rs.2374.48 Cr; compared to Rs. 2079.41 Cr; (Up by 14.19%); and Rs.1927.71 Cr in Q3 FY 12 (Up by
23.18%).
Purchases of SIT for
Q3 FY 2013 stands at Rs.646.52 Cr; compared to Rs.1103.03 Cr; (Up by -41.39%); and Rs.318.08 Cr in Q3 FY 12 (Up
by 103.26%).
Employee expense for
Q3 FY 2013 stands at Rs.346.22 Cr; compared to Rs.289.24 Cr; (Up by 19.7%); and Rs.298.10 Cr in Q3 FY 12 (Up by 16.14%).
Depreciation for
Q3 FY 2013 stands at Rs.205.22 Cr; compared to Rs.188.86 Cr; (Up by 8.66%); and Rs.173.89 Cr in Q3 FY 12 (Up by18.02%).
Other expenses for
Q3 FY 2013 stands at Rs.1431.12 Cr; compared to Rs.1384.69 Cr; (Up by 3.35%);
and Rs.1396.18 Cr in Q3 FY 12 (Up by 2.5%).
Total expenses for
Q3 FY 2013 stands at Rs.5059.56 Cr; compared to Rs.4727.17 Cr; (Up by 7.03%);
and Rs.4040.63 Cr in Q3 FY 12 (Up by 25.22%).
Profit before tax for
Q3 FY 2013 stands at Rs.2957.19 Cr; compared to Rs.2661.10 Cr; (Up by 11.13%); and Rs.2476.66 Cr in Q3 FY 12 (Up by19.4%).
Tax Expenses for
Q3 FY 2013 stands at Rs.905.34 Cr; compared to Rs.824.68 Cr; (Up by 9.78%); and
Rs. 775.68 Cr in Q3 FY 12 (Up by 16.72%).
Net Profit for Q3 FY 2013 stands at Rs.2051.85 Cr;
compared to Rs.1836.42 Cr; (Up by 11.73 %); and Rs.1700.98 Cr in Q3 FY 12 (Up by 20.63%).
Face Value of Share is
Rs.1; and Paid-up Equity stands at Rs.787.83 Cr;
Basic EPS for Q3 FY 2013 stands at Rs.2.61; compared to
Rs.2.34 in Q2 FY 13; and Rs.2.19 in Q3 FY 12.
Diluted EPS for
Q3 FY 2013 stands at Rs.2.57; compared to Rs.2.31 in Q2 FY 13; and Rs.2.16 in
Q3 FY 12 (Up by 18.98%).
Public holding in
the company is 99.7%.
Harvard
Business Review ranks ITC Chairman Mr. Y C Deveshwar as the 7th Best Performing
CEO in the World
FMCG -
Branded Packaged Foods
The Business
recorded significant growth during the quarter across all categories driven
by strong volume growth and an enriched product mix. 'Sunfeast' biscuits
sustained its robust growth trajectory and augmented its differentiated
and innovative product portfolio with the addition of new variants under
the Dream Cream and Dark Fantasy Choco Fills range. The brand has emerged
as the clear market leader in the highly competitive premium cream
biscuits segment.
'Sunfeast
Yippee!' Noodles and the 'Bingo!' range of savoury snacks continued to
record strong growth driven by an increasing consumer franchise for the
existing product range and the new variants launched during the year. The
Business has built a healthy pipeline of innovative product
formats/variants to further enhance its market standing in these high growth
categories.
In the
Confectionery category, the Business launched 'mint-o Ultra mintz'- a
sugar-free extra-strong mint in select markets. The product has met with
encouraging consumer response.
'Aashirvaad'
atta further consolidated its leadership position across markets aided by
increasing consumer traction for the value-added and premium offerings
viz. 'Select' and 'Multi-grain' variants.
The Business
continues to invest in disaggregated manufacturing and distribution
infrastructure with a view to optimising supply chain costs and improving
market servicing.
Personal
Care Products
The Business
sustained its impressive growth trajectory during the quarter with the
Soap category garnering increasing consumer franchise driven by the
'Vivel’ brand.
The product
portfolio was strengthened during the quarter with the launch of the
'Couture Spa' range of soaps under the 'Fiama Di Wills' brand. The
signature series, created in alliance with fashion guru Wendell Rodricks,
aims at providing consumers an exciting and intriguing bathing
experience. In line with the brand's ‘Feel Young’ value proposition, the
series of three exciting Couture Spa gel bars are infused with real gold,
known for its youthful skin care properties.
The Business
also launched a 'Collector’s Edition' soap series in association with the
Lonely Planet Magazine under the Fiama Di Wills Men's range. The six exciting
Collector’s Edition packs are inspired by various water sports and
destinations renowned for rejuvenating and revitalising experiences, in
line with the brand's value proposition of 'rejuvenation'.
The product
portfolio was further augmented with the launch of Fiama Di Wills Aqua
Pulse deodorant in select markets. The Skin Care range was also expanded
during the quarter with the launch of 'Vivel Cell Renew' Body Lotion,
Hand Crème/Moisturizer and Perfect Glow Skin Toner in target
markets.
The new product
/variant launches have received encouraging consumer response.
Classmate
notebooks continued to expand its consumer franchise and recorded strong
growth in sales during the quarter. The brand further consolidated its
leadership position in the student notebook category during the
quarter.
Besides
notebooks, the ‘Classmate’ brand offers a wide range of products that
includes ball/gel pens, wood cased and mechanical pencils, mathematical
instruments, erasers, sharpeners and scales. ‘Classmate’ also endorses
‘Colour Crew’, an art stationery brand, with a range of wax crayons,
colour pencils and sketch pens for children.
The Business
continues to strengthen the Paperkraft brand, its premium executive and
office supplies range. It has positioned 'Paperkraft' as the finest green
paper for business applications viz. copy-scan-print-fax, leveraging the
Company's world-class fibre line at Bhadrachalam which is India's first
ozone treated elemental chlorine free facility. Paperkraft's green
credentials are supported, among other factors, by the Company's
membership of the prestigious Global Forest & Trade Network, an
international initiative of the WWF (World Wide Fund for Nature).
The cigarette
industry in India continues to be impacted by a discriminatory taxation
and regulatory policy framework. While cigarettes contribute nearly 75%
of the tax revenues generated by the tobacco sector, it accounts for less
than 15% of tobacco consumption in the country. Steep increase in Excise
duty and VAT on cigarettes during the year have further exacerbated the
situation vis-à-vis lightly taxed or tax evaded tobacco products like
Bidi, Khaini, Chewing Tobacco and Gutkha. These lightly taxed or tax
evaded tobacco products are the most dominant forms of tobacco
consumption in India and constitute as much as 85% of total usage.
Further, the high incidence of tax on cigarettes has created tax
arbitrage opportunities leading to the growth of illegal cigarettes in
the country. Consequently, legal industry volumes have come under severe
pressure.
Despite these
challenging conditions, the Company’s Cigarettes Business, through its
relentless focus on providing differentiated and world-class products to
consumers, sustained its leadership position in the industry. Focus on
innovation and consumer centricity supported by world-class brands,
contemporary packaging formats, state-of-the-art manufacturing facilities and
a deep and wide distribution network have enabled the business to
consistently deliver superior value.
During the
quarter, the Business introduced new variants / product enhancements across
its brand portfolio leading to further consolidation of market standing.
The launches in the new filter segment (cigarette length not exceeding 65
mm) have met with favourable consumer response and the business is
rolling out the products to all markets in the country.
The hospitality
sector continued to be adversely impacted by the weak economic conditions
prevailing in key international source markets and India on the one hand
and significant additions to room supplies in key Indian cities on the
other. Consequently, growth in Segment Revenues was muted during the quarter.
ITC Grand
Chola, which commenced operations in September 2012, received encouraging
response in its first quarter post launch. The hotel has achieved the
distinction of being the world’s largest 'Leadership in Energy and
Environmental Design' (LEED) Platinum rated hotel in the New Construction
category bolstering the unique positioning of ITC Hotels as the greenest
luxury hotel chain in the world.
Construction
activity of the new properties at Kolkata, Bengaluru and at the Classic
Golf Resort near Gurgaon is progressing as per plans.
Segment
Revenues grew by 10% during the quarter, aided by improved realisations
and product mix enrichment. Segment Results were, however, impacted by
the steep hike in input prices particularly that of wood.
The investments
in a new state-of-the-art paperboard facility at Bhadrachalam and the new
packaging & printing facilities at Haridwar are nearing completion
and are expected to become operational shortly. The Business continues to
provide strategic sourcing support to the FMCG businesses enabling
product differentiation and faster speed-to-market.
Segment
Revenues recorded a robust growth of 43% during the quarter aided by exports
of wheat and leaf tobacco and soya. Operations at the recently
commissioned state-of-the art green leaf tobacco threshing plant in
Mysore were scaled up leading to enhanced quality and supply chain
efficiencies. The Business continues providing strategic sourcing support
to the Company’s Cigarettes and Branded Packaged Foods businesses by
ensuring high quality supplies at competitive costs.
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