Indian tobacco giant ITC Q2 net profit up 22 percent, meets forecast

MUMBAI Fri Oct 19, 2012 3:34am EDT

MUMBAI Oct 19 (Reuters) - India's largest cigarette maker ITC Ltd, posted a 21.6 percent jump in quarterly net profit, largely in line with expectations.

ITC, India's fourth most valuable company at $42.8 billion, said on Friday its net profit rose to 18.36 billion rupees ($345.60 million) for the quarter ended Sept. 30, up from 15.1 billion rupees a year earlier.

Analysts had expected a 22 percent rise in earnings to 18.5 billion rupees, according to Thomson Reuters I/B/E/S.

($1 = 53.1250 Indian rupees) (Reporting by Nandita Bose; Editing by Daniel Magnowski)