Diversified group ITC ltd on Friday posted a marginal rise in standalone net profit at Rs2,431.25 crore for the quarter ended September 30 as its cigarette segment reeled under pressure amid sluggish demand environment of the FMCG industry and prolonged disruption in the instant noodles category.
The Kolkata-based company had posted net profit of Rs2,425.16 crore during the same period of 2014-15 fiscal.
Net sales during the period under review declined 1.40 per cent to Rs8,804.70 crore as against Rs8,930.32 crore of the July-September quarter of the previous fiscal, ITC said in a statement.
“The company’s performance during the quarter remained subdued reflecting the unprecedented pressure on legal cigarette industry volumes, lack of trading opportunities in agri-commodities and sluggish demand environment prevailing in the FMCG industry coupled with prolonged disruption in the instant noodles category due to regulatory challenges,” ITC said in a statement.
Revenue from the total FMCG business including cigarettes increased by 3.44 per cent to Rs6,668.80 crore, from Rs6,446.87 crore in the corresponding quarter in 2013-14.
