May 26, 2017 / 9:40 AM / in 6 months

ITC fourth-quarter profit rises 12 percent, but misses estimates

REUTERS - Diversified consumer company ITC Ltd posted a 12 percent growth in March-quarter profit as its biggest segment, cigarettes, witnessed growth in sales.

Sunfeast-branded instant past meals, which are part of a line of fast-moving consumer goods owned by Indian cigarette maker ITC, are displayed for sale at a grocery store in Mumbai May 17, 2013. REUTERS/Vivek Prakash/Files

Profit rose to 26.69 billion rupees ($413.93 million) in the fourth quarter ended March 31, from 23.81 billion rupees a year earlier, the conglomerate said on Friday.

Analysts on average expected the company to post a profit of 27.06 billion rupees, according to Thomson Reuters data.

ITC, India’s biggest cigarette maker, said revenue from cigarettes rose about 5 percent to 89.55 billion rupees.

($1 = 64.4800 rupees)

Reporting by Tanvi Mehta in Bengaluru; Editing by Gopakumar Warrier

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