BENGALURU/CHENNAI (Reuters) – India’s ITC reported a smaller-than-expected rise in second-quarter profit on Thursday, as higher costs offset strong demand for its cigarettes and consumer goods.
The tobacco-to-hotels conglomerate’s profit rose to 49.27 billion Indian rupees ($592.81 million) for the three months ended Sept. 30 from 44.66 billion a year earlier, it said in an exchange filing.
Analysts, on average, had expected a profit of 49.54 billion rupees, according to LSEG data.
($1 = 83.1121 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru and Praveen Paramasivam in Chennai; Editing by Anil D’Silva)
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