BENGALURU/CHENNAI (Reuters) – India’s ITC Ltd reported a bigger-than-expected rise in quarterly profit on Thursday, boosted by solid demand for tobacco products as well as other consumer goods.
The cigarettes-to-hotels conglomerate’s profit rose 21% to 50.87 billion rupees ($622 million) in the quarter ended March 31, it said in an exchange filing.
Analysts, on an average, had expected a profit of 49.84 billion rupees, according to IBES data from Refinitiv.
($1 = 81.7800 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru and Praveen Paramasivam in Chennai)
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