India's largest cigarette maker, ITC Ltd., said net profit rose 12% in the latest quarter, buoyed by rising sales.
Net profit for the three months ended March 31 rose to 26.69 billion rupees ($413 million) from INR23.81 billion a year earlier, the company said Friday. However, that was slightly below the INR27.06 billion net profit forecast by analysts surveyed by Thomson Reuters.
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Revenue rose 6.2% to INR150.09 billion. The company's revenue from its cigarettes business increased 5%.
Cigarettes account for half of ITC's sales.
ITC's shares climbed about 5% to hit a new record high after the results were released.
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(END) Dow Jones Newswires
May 26, 2017 06:30 ET (10:30 GMT)