Country's top tobacco firm, ITC Ltd, reported on Friday a 20 percent rise in quarterly net profit on the back of higher cigarette prices and robust growth in its packaged foods and hotels businesses.
ITC, 31.7 per cent owned by British American Tobacco Plc, has entered personal care, apparel, retail and snack foods recently, but cigarettes make up two-thirds of revenues.
The Kolkata-based company said net profit rose to 7.83 billion rupees ($193 million) in the fiscal first quarter to end-June from 6.52 billion a year earlier, beating a Reuters forecast of 7.10 billion.
A value-added tax of 12.5 per cent imposed on cigarette sales from April has pushed up prices, and ITC has said it was concerned taxes and tight regulations can affect revenues.
ITC shares, valued at $15.6 billion, gained 3 per cent in the quarter, trailing a 12 per cent rise in the main index and a 5 per cent rise in the sector index.
