ITC, one of India's top FMCG companies, announced its first quarter financial results posting substantial growth in net profit and revenues, reports RealTimeTraders.com. The company said the key growth drivers were the continued ramp up of the foods business, higher agri-business revenues and a strong performance by the hotels business.

The Kolkata-based diversified company's post-tax profit for the quarter ended June 30, 2006, stood at Rs 6.52 billion, recording a 16.8% growth year-over-year. Pre-tax profit rose 16.5% to Rs 9.67 billion.

The company added that the reported post-tax profit rose 21.1% after adjusting for the once-off income, Rs 194.9 million, included in the financials for the quarter ended June 30, 2005 , arising from the settlement reached with the owners of Sea Rock Hotel in May 2005. ITC's non-cigarette businesses, which grew by 44% during the quarter, account for 50.2% of the company's net turnover.

The hotels business posted a strong movement during the quarter with revenues growing by 35% to touch Rs 1.99 billion on the back of improved occupancies and realisations across properties. The agribusiness revenues, meanwhile, recorded a growth of 47% driven primarily by increased levels of soya trade and higher wheat sales.

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