ITC Q4 net profit up 18 percent to Rs 3,482 crore, names Sanjiv Puri as new chairman
today May 14, 2019
ITC Limited witnessed a 19 percent rise in its Q4FY19 net profit to Rs 3,482 crore ($493.1 million) on the back of strong sales from its FMCG unit. The company had reported a profit of Rs 2,933 crore during the corresponding quarter of the last fiscal.
The company’s revenue was up 13 percent to Rs 11,992 crore as against Rs 10,587 crore it had reported during the same period the previous fiscal.
Revenue from the FMCG unit rose 10 percent contributing revenue Rs 8,760 crore to the company’s overall revenue as compared to Rs 7,988 crore it posted last year.
ITC also elevated its managing director, Sanjiv Puri to the role of chairman of the company following the death of YC Deveshwar, the company’s longest serving chairman. Puri will now be the new chairman and managing director of the company.
ITC had recently sold its menswear brand John Players to Reliance and has also revamped its Wills lifestyle brand.
ITC is a strong player in the apparel and lifestyle segment in the Indian market. The company’s deodorant brand Engage is the second biggest brand with value market share at 10.5% and sales of Rs 298 crore.
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