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ITC Q1 Profit Rises 10%, Beats Analysts' Estimates

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

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.

© Thomson Reuters 2018