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Kolkata, May 23 ITC Ltd has registered a 15.6 per cent growth in profit after tax at Rs 3,120 crore for the year ended March 31, 2008, against Rs 2,699 crore during the corresponding period of the last fiscal. Gross turnover increased by 10.7 per cent at Rs 21,356 crore, while the net turnover rose by 14.7 per cent at Rs 13,948 crore. Net profit for the quarter ended March 31, 2008 grew by 14.1 per cent at Rs 736 crore (Rs 650 crore) after adjusting for income tax refunds. At its board meeting here on Friday to consider the annual performance, the company recommended a dividend of Rs 3.50 per ordinary share of Re 1 each, entailing a total cash outflow of Rs 1,543 crore. Among the different business sectors, stationery recorded robust sales growth of 72 per cent during the period. The company plans to scale down its greetings card business and substitute it with education and stationery products. The reason behind this was the "quantum growth opportunities presented by the education and stationery products market", and also the adverse impact of the "rapid emergence of e-technology" as far as the greetings card business was concerned, said a company spokesperson. The company's total income for the year ended March 31, 2008, grew by about 16.46 per cent at Rs 14,558 crore (Rs 12,500 crore). It recorded a 49 per cent growth in non-cigarette FMCG businesses. RETAINS LEADERSHIP Despite the additional taxation of about 30 per cent on cigarettes, the company continued to retain leadership position in the market. The branded packaged foods business grew by 57 per cent and the biscuit category by 53 per cent. "The excise relief accorded in the budget to low and midpriced biscuits, consistent with the government's intention to promote the food processing industry, has given fillip to the sector," the spokesperson said. The revenues from the hotels business grew by 12 per cent at Rs 1,100 crore driven by better room rates and higher food and beverages sales. Gross operating profit recorded an increase of 15 per cent at Rs 475 crore.ITC plans product portfolio expansion, diversifying into writing instruments
Non-cigarette biz lifts ITC net up 15.8%
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