BENGALURU (Reuters) – Indian tobacco-to-hotels conglomerate ITC reported quarterly profit below market expectations on Thursday, as large consumer brands face increasing pressure from consumers shunning them for cheaper alternatives.
The Sunfeast biscuits maker posted a profit of 49.17 billion rupees ($587.4 million) for the first quarter ended June 30, from 49.02 billion rupees a year earlier.
Analysts, on average, had projected 51.62 billion rupees, according to data from LSEG.
($1 = 83.7060 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai and Ashna Teresa Britto in Bengaluru; Editing by Mrigank Dhaniwala)
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