ITC reports spectacular results; net surges

ITC has posted a spectacular set of results beating market estimates with net profit coming in at Rs 1836 crores, against most forecasts of net profit just under Rs 1800 crores. The net profit surged 21% for Q12013.

The total income has come in at Rs 7411.5 crores, as against Rs 6275 crores reported in the corresponding period of last year. However, revenues from the hotel business has dropped to Rs 217 crores, as against Rs 211 crores reported in the corresponding period of last year.

The agri business saw robust sales growth of Rs 2023 crores during the Q1 2013, as against Rs 1434 crores in the corresponding period of last year.

Shares of ITC were up almost 1% in trade today, despite weak market sentiments.

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