Jan. 31: ITC Ltd’s net turnover for the quarter ended December 31, 2006 stood at Rs 3165.57crore, a growth of 24 per cent over the last fiscal.

The performance was driven by growth in non-cigarette business, which currently comprises 52 per cent of ITC’s turnover. The net profit for the quarter increased by 23.2 per cent to Rs 717.4 crore.

The non-cigarette business grew by 31 per cent during the quarter with higher growth in the FMCG, hotel and agri segments. The packaged foods division posted a growth of 65 per cent during the quarter over the last fiscal. The lifestyle retailing business also grew by 38 per cent. The company plans to open 15 Wills Lifestyle stores to enhance its retail footprint in the next few months.

The hotels business also recorded a growth of 28 per cent to Rs 282 crore with revenue per available room growing by 37 per cent. The agri-business grew by 20 per cent on the back of tobacco leaf exports and increased trade in soya, non-basmati rice, chana and coffee.

ITC is undertaking an extensive renovation and upgradation exercise at various ITC-Welcomgroup hotels while the construction of a super-deluxe luxury hotel in Bangalore is on track. Progress has also been made for a new property in Chennai.

The company is involved in a pilot project for retailing fresh fruits and vegetables with three Cash & Carry stores in Hyderabad, Pune and Chandigarh.

Hero Honda net slips

Hero Honda has posted a 20 per cent dip in its net profit as pressure on input cost and intense competition weighed heavy on the company.

The company’s net profit after tax stood at Rs 209.18 crore for the quarter ended December 31 compared to Rs 261.78 crore in the year-ago period.

The total turnover (net of excise) rose by approximately 15 per cent to Rs 2,699.63 crore in the third quarter of the current fiscal against Rs 2,350.81 crore recorded in the corresponding period of 2005.

“In this quarter, the company crossed significant milestones. We fulfilled our commitment to customers by providing the latest technology in our five new products,” said Pawan Munjal, managing director, Hero Honda.

Total income (net of excise) rose 29.5 per cent to Rs 2,729.18 crore against Rs 2,107.32 crore last year.

Ashok Leyland profit

Ashok Leyland has posted nearly a two-fold increase in net profit at Rs 105.25 crore for the quarter ended December 31 against Rs 54.50 crore last year.

Total income (net of excise) of the company increased 48.21 per cent to Rs 1783.94 crore from Rs 1203.64 crore for the corresponding quarter a year ago.