ITC April-June Net Profit Rises 10.1%
July 21 2016 - 9:02AM
Dow Jones News
By Debiprasad Nayak
MUMBAI--ITC Ltd., India's largest cigarette maker, reported a
10.1% rise in its fiscal first-quarter net profit on higher revenue
from its cigarette and agricultural product businesses.
ITC, 30% owned by British American Tobacco PLC, said its net
profit in the three months ended June 30 increased to 23.85 billion
rupees ($355 million), compared with 21.66 billion rupees a year
earlier.
Its revenue rose 8.3% to 131.57 billion rupees.
ITC briefly paused cigarette production in April to protest
against a new rule that requires larger and more graphic health
warnings on tobacco packages. The company eventually complied with
the requirements, but is still challenging them in court.
Write to Debiprasad Nayak at debi.nayak@wsj.com
(END) Dow Jones Newswires
July 21, 2016 08:47 ET (12:47 GMT)
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