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ITC to foray into healthcare space, cash crunch hits cigarette business
Diversified conglomerate ITC will foray into the healthcare sector as it gears up to meet its ambition to be India\'s most valuable corporations. While the company has not spelt out the specific details, it plans to seek shareholders\' approval for venturing into the healthcare sector.
New Delhi : Diversified conglomerate ITC will foray into the healthcare sector as it gears up to meet its ambition to be India's most valuable corporations. While the company has not spelt out the specific details, it plans to seek shareholders' approval for venturing into the healthcare sector.
The board of directors of the company at its meeting held on Friday recommended seeking approval from its shareholders for an alteration of the objects of the clause of its Memorandum of Association to include 'Healthcare', ITC said in a regulatory filing.
Meanwhile, ITC reported a 5.71 per cent increase in standalone net profit at Rs 2,646.73 crore for the third quarter to December as its cigarette business continued to face headwinds, coupled with demand slowdown following demonetisation.
The newly-appointed CEO Sanjiv Puri will take independent charge of the executive leadership of the company with effect from February 5. Chairman YC Deveshwar will play the role of mentor from the said date.
The company had posted a net profit of Rs 2,503.76 crore during the same period last fiscal. Total income from operations was up 4.69 per cent at Rs 13,569.97 crore for the quarter under review, as against Rs 12,961.85 crore in the previous fiscal, ITC said in a BSE filing.
"The performance of the cigarette business during the quarter was subdued on account of tight liquidity conditions prevailing in the market and continued regulatory and taxation pressures on the legal cigarette industry in India. The operating environment was extremely challenging during the quarter. FMCG sales were adversely impacted,’ ITC said in a statement.
