ITC Q2 profits up 23.5%

Kolkata : Business conglomerate ITC Limited on Friday posted a net profit of Rs 1,247 crores for the September quarter as against Rs 1,009 crore for the same period last year — an increase of about 23.5 percent.

The company also reported a jump of 16.3 percent in the net turnover figures for the second quarter of the fiscal year 2010-11.

The company credited the growth to its branded packaged foods, agro and cigarette businesses.

In a media release, ITC said that recovery in the hotels segment continued with revenues and profits growing by 20 percent and 26 percent respectively.

The diversified business house also said that it experienced a robust growth in the non-cigarette Fast Moving Consumer Goods (FMCG) segment that experienced a 22.2 percent increase in segment revenues.