Backed by a 120 per cent rise in other income, ITC Ltd posted a 4 per cent increase in net income and a 15.5 per cent increase in post-tax profit in the quarter to June 30, 2003. During the quarter under review, ITC’s net income increased to Rs 1,485.90 crore from Rs 1,433.99 crore recorded in the corresponding quarter of the previous fiscal. While net sales turnover increased marginally to Rs 1,428.85 crore from Rs 1,408.02 crore, other income increased sharply to Rs 57.05 crore from Rs 25.97 crore. During the quarter to June 30, 2003, ITC’s net profit went up by 15.5 per cent to Rs 397.22 crore from Rs 343.92. Profit before tax increased by 13.4 per cent to Rs 604.14 crore from Rs 532.54 crore. ITC was able to scale down its total expenditure to Rs 816.89 crore.During the quarter under review, the total provision for taxation was higher at Rs 206.92 crore as compared to Rs 188.62 crore provided in the corresponding quarter of the previous fiscal.
