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<ul><li>ITC re-measured its annual tax expenses after the government reduced the corporate tax rate. </li><li>Its profits were boosted by a ₹166 crore tax credit for the quarter. </li><li>Its revenues grew by a modest 6% for the quarter to ₹12,525 crore. </li></ul> ITC’s second quarter net profit jumped by 36% to ₹4,023 crore from ₹2,954 crore in the same quarter last year, all thanks to a deferred tax credit worth ₹166 crore for the quarter. Its revenues grew by a modest 6% for the quarter to ₹12,525 crore as compared to ₹11,776 crore in the same quarter last year. The company remeasured its annual tax expenses after the government changed the corporate tax rate. “The resultant impact is being recognized over the current and the remaining quarters of the financial year. Consequently, the tax expense for the current quarter and six months ended September 30, 2019 includes a credit of ₹340 crore,” ITC said in a statement with the quarterly results announcement. The company’s stock traded flat in anticipation the quarterly earnings report, as it went up by 0.8% in today’s trade. ITC has set ambitious targets for itself to generate as much as ₹1 lakh crore in revenue from its FMCG business by 2030. Last financial year, its sales from cigarattes fell to 45.8% as its hotels and FMCG divisions performed well. Lowering tobacco sales is good news as steep increases in taxes by government has been hurting the business. “Trading volumes in illegal cigarettes has affected such business. Thereby, now the consumer business i.e. the foods division, comprising of cookies, staples and snacks, now accounts for 21.3% of revenue, while agri-business generated 13.4% of ITC’s gross turn-over last fiscal,” said a report by Rudra shares in October.

ITC’s net profit jumps by 36% to ₹4,023 crore on tax credit

In spite of significant disruptions during the year, <keyword id="6357073" type="General" weightage="100" keywordseo="itc" source="Orion">ITC</keyword> posted robust growth in revenues and profits, surpassing pre-pandemic levels. ITC's consumer-centricity, agility in seizing market opportunities, focus on execution excellence and proactive strategic interventions enabled it to post robust growth. Overall for FY 2021-22, gross revenue at Rs 59,101.09 crore increased by 22.7 percent, while EBITDA increased by 22 percent to Rs 18,933.66 crore. Profit before tax at Rs 19,829.53 crore grew by 15.5 percent over the previous year while profit after tax stood at Rs 15,057.83 crore as against the previous year's Rs 13,031.68 crore. Total comprehensive income for the year stood at Rs 15,631.68 crore (previous year Rs 13,277.93 crore). Earnings per share for the year stood at Rs 12.22 (previous year Rs 10.59). An extensive strategy reset has been undertaken in recent years to architect the structural drivers that will power ITC's next horizon of growth and ensure that the enterprise remains future-ready, consumer-centric and nimble. Each of ITC's businesses has pivoted to create new frontiers for the future, with enhanced competitiveness as well as sharper focus on cost management to strengthen the leadership or rapidly enhance market standing in the case of newer segments. As a core element of the ITC Next strategy, the company will continue to explore opportunities to craft disruptive business models anchored at the intersection of digital and sustainability, the two defining trends in the 'new normal', leveraging its institutional strengths. The FMCG-Others segment turned in a resilient performance with segment revenue growing by 8.6 per cent amid subdued demand conditions. After a relatively muted first half, revenue in the second half of the year witnessed double-digit growth. Staples and <keyword id="151485" type="General" weightage="50" keywordseo="convenience-foods" source="Orion">Convenience Foods</keyword> remained resilient even as the pace of revenue growth moderated on a relatively high base. Discretionary/Out-of-Home categories recorded strong growth surpassing pre-pandemic levels driven by progressive improvement in mobility. Progressive resumption of physical classes at educational institutions led to gradual recovery in the Education &amp; Stationery Products business, however, sales remained below pre-pandemic levels. Segment EBITDA for the year grew by 10 per cent to Rs 1,448.97 crore with margins being sustained at 9.1 per cent in spite of unprecedented inflationary headwinds. To accentuate consumer-centricity, agility and enable sharper focus in the context of the growing scale and complexity of operations, the <keyword id="3506789" type="General" weightage="50" keywordseo="branded-packaged-foods" source="Orion">Branded Packaged Foods</keyword> businesses have been reorganised into market centric clusters with integrated and empowered teams. Focused interventions made in the recent past have also augmented ITC's multi-channel go-to-market capability, resulting in manifold expansion in the reach and availability of its products. Over the last five years, market and outlet coverage have grown 4x and 1.6x, respectively, while the network of stockists has expanded to 6.4x during the same period. The impact of these multi-dimensional interventions is evident in the substantial margin expansion of 650 bps in Segment EBITDA over the last five years even in the face of significant inflationary headwinds witnessed during the year. After an extremely challenging FY 2020-21, the Hotels Segment witnessed smart recovery driven by the domestic leisure and wedding segments; business travel also saw progressive improvement, albeit remaining well below pre-pandemic levels. Pick-up in revenues together with relentless focus on cost management resulted in a positive swing of Rs 346.63 crore in Segment EBITDA, despite considerable disruptions caused by the two waves of the pandemic during the year. The Agri Business segment delivered stellar performance with segment revenue and results growing by 28.7 per cent and 25.6 per cent, respectively. This was driven by strong growth in wheat, rice, spices and leaf tobacco exports on the back of strong customer relationships, robust sourcing network and agile execution. The Agri Business has been a strong backbone and a key source of competitive advantage for ITC's FMCG and cigarettes businesses. The scope and scale of operations have grown manifold over the years and currently encompass over 4 million tonnes in 22 states and over 20 agri-value chains. The Paperboards, Paper and Packaging segment recorded strong growth of 36 per cent in segment revenue and 54.7 per cent in segment results. This was aided by demand revival across most end-user segments, higher realisations, product mix enrichment and exports. Robust margin expansion of appx. 270 bps was achieved leveraging the integrated nature of the business model, Industry 4.0 and other digital interventions. During the year, <keyword id="121907" type="General" weightage="50" keywordseo="itc-infotech" source="Orion">ITC Infotech</keyword>'s consolidated total income grew by 16.8 per cent to Rs 2,884.30 crore (previous year Rs 2,469.29 crore). Profit before tax stood at Rs 719.64 crore (previous year Rs 604.13 crore) and net profit stood at Rs 541.04 crore (previous year Rs 451.30 crore). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-in-india-does-the-aam-aadmi-even-need-it/articleshow/92382529.cms">5G in India – does the aam aadmi even need it?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/maha-political-crisis-uddhav-thackeray-vacates-his-official-residence/articleshow/92400287.cms">Maha political crisis: Uddhav Thackeray vacates his official residence</a>

ITC seizes the market; its sales surpass their pre-pandemic levels

New Delhi, Jan 31 () FMCG major ITC on Friday reported a 29.03 per cent increase in consolidated net profit at Rs 4,047.87 crore for the third quarter ended December 2019.
 The company had posted a net profit of Rs 3,136.95 crore in October-December quarter of the previous fiscal.
 Net sales during the quarter under review rose 5.71 per cent to Rs 13,220.30 crore as against Rs 12,506.05 crore in the corresponding period in previous fiscal, ITC said in a regulatory filing.
 "The company posted a steady performance during the quarter amidst a particularly challenging operating environment," ITC said in a post earning statement.
 According to the company, the macro-economic environment continues to be adversely impacted as reflected in deceleration in GDP growth and persistent weakness in consumption demand and investments.
 "Delayed arrival of the Kharif crop due to spatial variations in rainfall, especially close to the harvest season, commodity price inflation together with disruptions in certain parts of the country exacerbated the already challenging operating environment during the quarter," ITC said.
 "Expectations of a good Rabi crop and a slew of measures announced by the government in recent months including reduction in corporate tax rates, initiatives to boost infrastructure and promote exports, augur well for the revival of the economy," it added.
 ITC's total expenses during the third quarter rose 5.25 per cent to Rs 8,779.14 crore as compared with Rs 8,340.61 crore in the year-ago quarter.
 During the quarter, revenue from total FMCG business was up 4.66 per cent to Rs 9,265.31 crore as against Rs 8,852.05 crore in the year-ago period. 
 Total FMCG business comprises segments like cigarettes and FMCG-others.
 Revenue from cigarettes stood at Rs 5,944.86 crore in the October-December quarter, up 5.31 per cent from Rs 5,645.05 crore in the corresponding period last fiscal.
 "Performance during the quarter reflects the persistent weakness in the overall demand environment, especially in rural markets and wholesale channel, tight market liquidity conditions and the increasing salience of illicit trade especially at the premium end," ITC said.
 Revenue from FMCG-others segment was up 3.53 per cent to Rs 3,320.45 crore as against Rs 3,207 crore a year ago.
 "The FMCG-Others Segment delivered a resilient performance during the quarter which witnessed a slowdown in overall growth rates both in urban and rural markets. Categories with relatively higher rural salience remain the most impacted," it said.
 FMCG-others segment of ITC consists of branded packaged foods like staples, snacks, meals, dairy and beverages, confections, apparel, education and stationery products, personal care products, safety matches and incense sticks.
 ITC's hotel business revenue rose 21.13 per cent to Rs 574.26 crore during the quarter as compared with Rs 474.06 crore in the corresponding period last fiscal.
 "The business posted a strong performance during the quarter with segment revenue and segment EBITDA growing by 22.2 per cent and 40.1 per cent respectively. There was all-round improvement, with both existing and new properties recording robust increase in RevPAR (revenue per available room) and F&amp;B sales. Higher room rates and operating leverage aided margin expansion," ITC said.
 Revenue from agri-business segment rose 10.43 per cent to Rs 2,258.87 crore as against Rs 2,045.38 crore in the December quarter of the previous fiscal.
 "In the agri business segment, growth in segment revenue was driven by trading opportunities in oilseeds, pulses &amp; coffee and scaling up of value added segments (spices and frozen snacks)," ITC said.
 Subdued demand for leaf tobacco in international markets accentuated by relatively steeper depreciation in currencies of competing origins and adverse business mix weighed on segment results, it added.
 Paperboards, paper and packaging segment revenue rose marginally by 0.83 per cent to Rs 1,555.36 crore as against Rs 1,542.51 crore of Q3/FY2018-19
 "Paperboards, paper &amp; packaging segment revenue witnessed muted growth on a relatively firm base due to slowdown in the FMCG and liquor industry and depressed realisations on softening of global pulp prices," the company said.
 Revenue from others segment, which includes information technology services, branded residences, among others, reported a 9.99 per cent growth at Rs 563.69 crore as against Rs 512.48 crore.
 In a separate filing, ITC said its board has appointed Atul Jerath as Additional Non-Executive Director of the company.
 Jerath is the Chief Underwriting Officer of The Oriental Insurance Company Ltd, overseeing a wide portfolio including property, health and aviation insurance, it added.
 Shares of ITC on Friday closed 0.60 per cent higher at Rs 235.25 apiece on the BSE. KRH RVK

ITC Q3 net profit up 29 pc at Rs 4,047.87 crore

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/apple-halting-sales-series-9-ultra-2-watch-united-states-2023-12">The Biden administration</a> won't veto a ruling that bans sales of new Apple Watch models.</li><li>The Apple Watch Ultra 2 and Series 9 will no longer be available in Apple stores or on its website.</li></ul>Apple won't be getting a reprise from President Joe Biden this holiday season when it comes to a ban on its newest <a target="_blank" href="https://www.businessinsider.com/apple-masimo-beeper-weakness-watch-saga-2023-12">Apple Watch models</a>.On Tuesday, the Biden administration said it won't veto an International Trade Commission ruling against Apple in a patent dispute over blood oxygen monitoring technology. This means US customers definitely won't be able to buy the <a target="_blank" href="https://www.businessinsider.com/apple-watch-ban-series-9-ultra-not-available-online-store-2023-12">new Apple Watch Ultra 2 or the Apple Watch Series 9</a>.Apple had already said it would begin pulling the watches from shelves on December 24, and had marked both models as "currently unavailable" on its website days before that. They are still available to purchase in the US from third-party vendors — like Best Buy, Amazon and Walmart — who have them in stock, but the ITC ruling bans imports of further inventory.<div type="image" title="apple watch series 9 currently unavailable" height="715" width="1091" msid="106301163" hostid="261"></div>US Trade Representative Katherine Tai decided to uphold the ITC ruling after "careful consultations," according to a <a target="_blank" href="https://www.ustr.gov/about-us/policy-offices/press-office/press-releases/2023/december/ustr-statement-section-337-review">statement</a>."We strongly disagree with the USITC decision and resulting exclusion order, and are taking all measures to return Apple Watch Series 9 and Apple Watch Ultra 2 to customers in the US as soon as possible," Apple said in a statement.It is challenging the ITC ruling at the US Court of Appeals for the Federal Circuit, and also filed an emergency motion seeking to lift the ban while the appeal is considered, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-26/white-house-declines-to-overturn-apple-watch-ban-after-review?srnd=premium">reported</a>."This is a win for the integrity of the US patent system, and ultimately American consumers," <a target="_blank" href="https://www.businessinsider.com/masimo-ceo-joe-kiani-apple-watch-halt-speaks-out-2023-12">health-tech company Masimo</a> said.The Apple Watch models use blood-oxygen sensing technology that the ITC ruled infringed on patents owned by Masimo. "This is not an accidental infringement — this is a deliberate taking of our intellectual property," <a target="_blank" href="https://www.businessinsider.com/ceo-harder-to-buy-apple-watch-christmas-2023-12">Masimo CEO Joe Kiani</a> told Bloomberg last week. Apple denies using Masimo's tech for its blood oxygen feature. The smart watches will still be available for sale outside the US, and Americans who have already purchased the banned models should still be able to use them, according to Apple.

Apple has now officially stopped selling these Apple Watch models in the US

<ul><li>The goods and services tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) council has proposed a total of 46 possible changes that can be made to the GST. </li><li>Amendments to <keyword id="6694899" type="UNKNOWN" weightage="20" keywordseo="input-tax-compensation">input tax compensation</keyword> (ITC) aren't only <keyword id="2209997" type="PERSON" weightage="20" keywordseo="business-friendly">business friendly</keyword>, but employee friendly as well. </li><li>Suggested changes to the <keyword id="5984725" type="UNKNOWN" weightage="20" keywordseo="reverse-charge-mechanism">reverse charge mechanism</keyword> and <keyword id="2824360" type="PERSON" weightage="20" keywordseo="composition-scheme">composition scheme</keyword> are a boom for micro, small and medium enterprises (<keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword>).</li></ul> It’s been a little more than a year that the goods and services tax (GST) was implemented in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>. The move has been subject to a mixed bag of reactions. Yesterday, to allay at least some of the concerns in the market, the <keyword id="6355040" type="UNKNOWN" weightage="20" keywordseo="GST-Council">GST council</keyword> unveiled a <a href="https://www.firstpost.com/business/govt-proposes-46-amendments-to-gst-laws-employers-may-soon-get-to-claim-input-tax-credit-on-food-transport-4704271.html">draft of changes</a> that they will be proposing at the upcoming session of Parliament on July 18. And it’s not just a couple of changes, but a total of 46 suggestions. Though most of the changes were primarily put forth by the GST council, a few proposals from the industry have been included as well. 
 <div type="image" title="Untitled-1-01" msid="64935766" hostid="261"></div>



 The primary ask from businesses in India was the transfer of cess credits, which was not present in this draft. But that being said, changes that are present include measures to provide relief to operations, including toning down some of the compliance norms. Business friendly changes may be employee friendly too Employers can now claim input tax compensation (ITC) for some pretty <a href="https://timesofindia.indiatimes.com/business/india-business/government-proposes-changes-to-gst-law/articleshow/64925907.cms">basic transactions</a> that weren’t eligible earlier. For instance, life insurance and health services to employees can earn tax credits. Provided that insurance is mandated by law, employers will can now claim life insurance for security guards and cash van drivers. Even in states where health cover is a prerequisite for nurses, employers will be able to claim ITC. Currently, the issue is that employees themselves don’t opt for insurance because they can’t claim any <a href="https://economictimes.indiatimes.com/news/economy/policy/46-amendments-to-gst-law-on-anvil-employers-may-get-to-claim-itc-on-food-transport/articleshow/64920201.cms">compensation</a> against it. With the ITC mechanism, the cost of such expenses can be adjusted against future tax liability. That in turn, will be provide an incentive for banks and hospitals to incur such costs. Even late night drop facilities for women, as well as outsource creche facilities, will come under the ITC umbrella. This change would align the GST laws with labour laws, resulting in a more employee friendly environment. Disparity caused by the lack of the reverse charge mechanism (RCM) This particular recommendation has been stuck in the pipeline since the implementation of GST last year. The delay has caused a <a href="https://www.thehindubusinessline.com/economy/govt-plans-46-changes-in-explanations-to-gst-laws/article24373608.ece">disparity</a> between registered and unregistered dealers. Basically, the issue is that an unregistered dealer can’t issue an invoice of the good or services provided. Which is why, in turn, registered suppliers don’t want to buy from them since they won’t be able to claim any refund without proof of purchase. In the current scenario unregistered dealers, which form the unorganised sector of the economy, are <a href="https://www.financialexpress.com/opinion/reverse-charge-made-gst-more-complex-hit-smes-and-did-little-to-add-to-tax/1237974/">going out</a> of business. The problem lies within the fact that some suppliers are so small that their revenue generation is below the threshold that requires them to pay tax. Once RCM comes into play, registered dealers will be able to claim refunds against purchases made from unregistered entities, which should hopefully bring bring back into business. That being said, it doesn’t really result in any tax generation for the government. The underlying motive, at the end of the day, is no potential suppliers are left unregistered. More businesses under the composition scheme The <a href="https://www.moneycontrol.com/news/business/economy/gst-rules-set-to-get-easier-as-big-changes-in-laws-on-anvil-2689691.html">composition scheme</a> is basically a watered down version of the GST meant for small taxpayers. Currently, eligibility for this scheme is capped at Rs 1 crore, but the new version is proposing a hike to Rs 1.5 crore. The GST council’s even recommended bringing more services into the fold. Currently, it’s only the restaurant sector. Rather than approach it by industry, the proposal wants to include services based on the value they provide. If the business’ worth doesn’t exceed 10% of its turnover, or Rs 5 lakh, it will be eligible to apply for the composition scheme. This brings the service micro, small and medium enterprises (MSMEs) into the fold of the composition scheme. Considering that MSMEs contribute to 8% of the GDP and areInp responsible for 69% of employment, such a measure would liquidate more funds for growth. The proposals go in line with the World Bank’s suggestion that the GST needs to simplified and streamlined in order to be successful. That being said, while the changes are for the better, some of the key concerns with GST are still <a href="https://www.telegraphindia.com/business/compensation-key-to-gst-consensus-243718">neglected</a> like the pending compensation claims.

You Searched For "ITC results" and got 5 results

ITC’s net profit jumps by 36% to ₹4,023 crore on tax credit

Katya Naidu

ITC seizes the market; its sales surpass their pre-pandemic levels

IANS

ITC Q3 net profit up 29 pc at Rs 4,047.87 crore

PTI

Apple has now officially stopped selling these Apple Watch models in the US

Jordan Hart

Here’s how the proposed changes to GST could affect businesses

Prabhjote Gill

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