India's ITC Q3 net profit up 16 pct, in line with forecast

MUMBAI Fri Jan 17, 2014 1:08am EST

MUMBAI Jan 17 (Reuters) - India's largest cigarette maker, ITC Ltd, posted a 16 percent jump in quarterly net profit on Friday, in line with market expectations.

ITC, India's third most valuable company, said its net profit rose to 23.85 billion rupees ($387.4 million) for the quarter ended Dec. 31, up from 20.5 billion rupees a year earlier.

Analysts had expected a 15 percent rise in earnings to 23.6 billion rupees, according to Thomson Reuters I/B/E/S.

($1 = 61.5600 Indian rupees) (Reporting by Nandita Bose; Editing by Sunil Nair)