October 26, 2018 / 10:07 AM / 4 months ago

ITC second-quarter profit rises about 12 percent, beats estimates

A man talks on his mobile phone as he walks past an ITC office building in Kolkata September 4, 2012. REUTERS/Rupak De Chowdhuri/Files

(Reuters) - ITC Ltd, India’s biggest cigarette maker, posted a near 12 pct rise in September-quarter profit on Friday, boosted by higher cigarette revenue.

Profit was 29.55 billion rupees ($403.03 million) in the quarter ended Sept. 30, compared with 26.40 billion rupees a year earlier, the maker of Sunfeast biscuits and Classmate stationery said bit.ly/2AtvR5F.

Analysts on average had expected a profit of 29.34 billion rupees, according to Refinitiv Eikon data.

Revenue from cigarettes rose more than 10 percent to 50.26 billion rupees in the second quarter, with revenue from operations rising 15.45 percent to 112.73 billion rupees.

($1 = 73.3200 Indian rupees)

Reporting by Mekhla Raina in Bengaluru; Editing by Subhranshu Sahu

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