ITC Q3 net profit up 16%, in line with forecast

India's largest cigarette maker, ITC Ltd, posted a 16% jump in quarterly net profit today, in line with market expectations. Analysts had expected a 15% rise in earnings.

India's largest cigarette maker, ITC Ltd, posted a 16% jump in quarterly net profit on Friday, in line with market expectations.

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ITC, India's third most valuable company, said its net profit rose to Rs 23.85 billion ($387.4 million) for the quarter ended Dec. 31, up from Rs 20.5 billion a year earlier.

Analysts had expected a 15% rise in earnings to Rs 23.6 billion, according to Reuters. ($1 = Rs 61.5600)