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Journalism of Courage
ITC Ltd on Friday, reported a more than 15 per cent growth in its net at Rs 1,371 crore for the fiscal 2002-03 as the company’s gross turnover crossed the Rs 11,000-crore mark. The net profit of the company showed a 15.3 per cent growth on its previous year’s profit of Rs 1,189 crore, while the turnover jumped from Rs 9,982 crore to Rs 11,025 crore, as per the financial result announced after a board meeting. The pre-tax profit of the company registered a growth of nearly 20 per cent at Rs 2,056 crore as the earning per share of the company stood at Rs 55.41. The ITC board also announced a dividend of 150 per cent. Cigarettes continued to be the mainstay of ITC business, generating total revenue of Rs 8,764 crore. The company said in a statement that the operating environment “continues to pose an increasing order of challenge, particularly in the spheres of taxation and regulation of consumption and communication.”
The company’s turnover from FMCG business spanning apparel, packaged food, greeting cards, stationery, safety matches and incense sticks touched Rs 109 crore. ITC added 10 more exclusive Wills Lifestyle stores during the year, taking the total to 48. The hotels business of the conglomerate saw the commissioning of the 250-room ITC Sonar Bangla Hotel, Kolkata, during the year as the overall business showed a 19 per cent growth over the previous year’s figure due to improved business climate in the second half of the year.
