ITC Quarterly Profit up by a Fifth
ITC of India reported profits of INR50.87 billion ($622 million) in its most recent fourth quarter, up 21.4 percent from the same period in 2022, reports Reuters.
In a press release, the cigarettes-to-hotels conglomerate credited solid demand for cigarettes and other consumer goods.
ITC’s revenue from operations rose about 6.6 percent to INR175.06 billion, boosted by a 14 percent jump in its cigarettes business, which includes the Classic and Gold Flake brands.
During the quarter, ITC’s cigarette sales climbed as the broader tobacco industry stayed away from price increases due to a lower-than-expected tax increase on cigarettes in the central government’s budget.
Sales of its nontobacco consumer goods have also improved as consumers in rural India are buying more amid easing inflation. ITC’s other consumer goods unit, which includes its foods and stationery businesses, rose 19.4 percent
Revenue from the hotels business, meanwhile, nearly doubled as leisure and business travel picked up during the quarter.