ITC Q1 Profit Rises 10%, Beats Analysts' Estimates

Country's biggest cigarette maker ITC Ltd posted a better-than-expected 10 per cent rise in first-quarter profit on Thursday, as the company paid a significantly lower excise duty, a tax on manufactured goods. Profit rose to Rs 2,819 crore ($410.6 million) in the quarter ended June 30, from Rs 2,561 crore in the year ago quarter, the company said. Analysts on average were expecting a profit of Rs 2,792 crore, according to Thomson Reuters I/B/E/S.

However, quarterly revenue from operations fell 21.2 per cent to Rs 10,875 crore.

Excise duty paid during the quarter fell to Rs 168 crore from Rs 3,846 crore a year ago.