January 23, 2019 / 9:05 AM / 10 months ago

India's ITC Dec-quarter profit beats estimate

Jan 23 (Reuters) - ITC Ltd, India’s biggest cigarette maker, posted on Wednesday a 3.85 percent rise in December-quarter profit, boosted by higher cigarette sales.

Profit came here in at 32.09 billion rupees ($450.35 million) for the three months ended Dec. 31, 2018, compared with 30.90 billion rupees a year ago.

That came above analysts’ estimate of 31.34 billion rupees, according to data on Refinitiv Eikon.

The Kolkata-based company, which also makes Sunfeast biscuits and Classmate stationery items, reported a jump of 14.9 percent in revenue from operations, while revenue from its cigarettes segment witnessed a 9.6 percent growth. ($1 = 71.2560 Indian rupees) (Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips)

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