ITC on Wednesday reported a 15% rise in revenues at Rs 11,227 crore, driven by growth across all business segments, and a modest 3.8% growth in its profits for the December quarter.

The bottomline growth to Rs 3,209 crore, however, was lower when compared with a 17% rise witnessed in the December quarter of the previous fiscal, 10% in the first quarter of the current fiscal and 12% in the second quarter of the current fiscal.

However, the previous year's comparable figure of Rs 3,090 crore included exceptional items, which if removed would have resulted in 13.8% growth in profits.

ITC's non-cigarette FMCG business, ranging from food to personal care to dairy products saw revenue rising 11.5% and robust 42% growth in operating profit at Rs 173 crore.

The stock, however, suffered a drubbing at the exchanges falling 4.75% to Rs 276 following a sell-off in FMCG and banking stocks.

The only problem area in its FMCG segment is lifestyle retailing consisting of Wills Lifestyle and John Players stores.

"Growth in overall segment revenue was partially impacted by the ongoing restructuring of the Lifestyle Retailing business," ITC said in a release.

ITC's mainstay, the cigarettes business reported 9.6% growth in revenues to Rs 5,073.38 crore, up from Rs 4,629.19 crore while profit from this segment went up to Rs 3,557.66 crore from Rs 3,269.25 crore, growing by 8.9%.

While agri business' revenues rose to Rs 1,924.61 crore from Rs 1,530.86 crore, profit dropped to Rs 198.81 crore from Rs 233.34 crore

"Steeper depreciation in currencies of competing origins, subdued demand for leaf tobacco in international markets along with leaf cost escalation pertaining to Andhra 2017 crop continues to weigh," ITC said of its agri business performance.

Improvement in average room rates helped hotel division post 11.72% rise in revenue to Rs 451.86 crore and 10.08% growth in net profit to Rs 60.29 crore.

Paper business' revenue grew 20.5% to Rs 1,542.51 crore driven by strong demand and capacity augmentation in value added paperboard and decor segments while operating profit was up 23.8% to Rs 332.13 crore.

MIXED BAG

• ITC's mainstay, the cigarettes business reported 9.6% growth in revenues to Rs 5,073.38 crore up from Rs 4,629.19 crore  
• While agri business' revenues rose to Rs 1,924.61 crore from Rs 1,530.86 crore, profit dropped to Rs 198.81 crore from Rs 233.34 crore