ITC Q3 profit rises 17% to Rs 3,090 crore; beats estimates

ITC Limited said its profit rose to Rs 3,090 crore in the October-December quarter from Rs 2,647 crore a year ago.

ITC Ltd, India’s biggest cigarette maker, posted a 16.8% rise in its third-quarter profit on Friday, helped by a one-time gain.

Analysts on average had expected a profit of Rs 2,832 crore, according to Thomson Reuters Eikon data.

The company, which also makes consumer goods ranging from biscuits to skincare products, said its profit rose to Rs 3,090 crore ($484.53 million) in the quarter ended December 31, from Rs 2,647 crore a year ago.

Analysts on average had expected a profit of Rs 2,832 crore, according to Thomson Reuters Eikon data.

The company reported a gain of Rs 413 crore on account of entry tax in the state of Tamil Nadu that was written back in the quarter.