FMCG Company ITC gains 6% profit in second quarter

FMCG Company ITC reported a year on year profit of nearly 6 percent to Rs 2,639.84 crore for the second quarter ending September 30, of the financial year 2017-18. The cigarette manufacturer posted a profit of Rs 2,500 crore during the corresponding period last fiscal.

However, the company's revenue for the September quarter slipped sharply to Rs 9,760 crore from Rs 13,800 crore. During the quarter, the value added tax was replaced by goods & services tax.

Tobacco-to-hospitality conglomerate said its revenue from cigarette dropped to Rs 4,554.21 crore in the second quarter from the highs of Rs 8,528 crore it posted during the corresponding period last year. The hotel business saw a marginal increase to Rs 300 crore in the quarter under review.