ITC of India reported a net profit of INR19.28 billion ($350.3 million) in the quarter ending March 31, up 19.45 percent from the comparable quarter last year.
The company’s non-tobacco FMCG business contributed a net profit of INR118.7 million during the quarter, compared with a net loss of INR166.8 million in the 2012 quarter.
ITC’s profit for the fiscal year 2013 was INR74.18 billion, up 20.38 percent from INR61.61 billion in 2012, as its full-year net sales increased by 19.39 percent to INR 296.06 billion.
ITC officials said that while the company’s foods business has been profitable for the past few quarters, its nontobacco segment as a whole made a profit for the first time.
Morgan Stanley analysts expect ITC’s earnings growth to continue, pointing to the company’s recent success in the 64 mm segment.