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

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 .