India's ITC Q1 net profit up 18 pct, in line with forecast

MUMBAI, July 25 Thu Jul 25, 2013 2:56am EDT

MUMBAI, July 25 (Reuters) - India's largest cigarette maker, ITC Ltd, posted an 18 percent jump in quarterly net profit on Thursday, in line with market expectations.

ITC, India's third most valuable company , said its net profit rose to 18.9 billion rupees ($319.9 million) for the quarter ended June 30, up from 16 billion rupees a year earlier.

Analysts had expected an 18 percent rise in earnings to 18.9 billion rupees, according to Thomson Reuters I/B/E/S. (Reporting by Nandita Bose; Editing by Himani Sarkar)