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MUMBAI, Jan 18 (Reuters) - India’s largest cigarette maker, ITC Ltd, posted a 21 percent jump in quarterly net profit on Friday, beating market expectations.
ITC, India’s fourth most-valuable company at $41.1 billion, said its net profit rose to 20.5 billion rupees ($377.6 million)for the quarter ended Dec. 31, up from 17 billion rupees a year earlier.
Analysts had expected a 16.5 percent rise in earnings to 19.8 billion rupees, according to Thomson Reuters I/B/E/S.
($1 = 54.29 Indian rupees)
Reporting by Nandita Bose; Editing by Matt Driskill