ITC Posts Growth

Source from:  Monday, Jan. 23, 2006 tobaccoreporter.com 01/25/2006

ITC, India's largest tobacco company, posted a 20 percent rise in its third-quarter net profit on strong sales of cigarettes and growth of its other consumer goods business, including packaged foods. The company said its net profit rose to a record Rs 536 crore from Rs 449 crore reported the previous year. Net sales also reached a new high of Rs 2,556 crore during the quarter, up from Rs 1859 crore in the same quarter of the previous year. Revenue from cigarettes rose 19 percent to Rs 2,880 crore. Lower state taxes and a rise in cigarette prices are expected to offset the impact of a 10 percent increase in excise duty on cigarettes last year. Enditem