Diversified conglomerate ITC Ltd posted a better-than-expected 10%
rise in Q1 profit on Thursday July 26,2018 , as the company paid a significantly lower
excise duty, a tax on manufactured goods. Profit rose to ₹ 2819 crore
($410.6 million) in the quarter ended 30 June, from ₹ 2561 crore in the
year-ago quarter, the company said. Analysts on average were expecting a
profit of ₹ 2792 crore, according to Thomson Reuters I/B/E/S.
However, quarterly revenue from operations fell 21.2% to ₹ 10,875 crore. Excise duty paid during the quarter fell to ₹ 168 crore from ₹ 3846 crore a year ago.
On Thursday, ITC Ltd shares rose 0.38% to ₹ 287.15 on the BSE while the benchmark Sensex rose 0.34% to end the day at 36,984.64 points.
However, quarterly revenue from operations fell 21.2% to ₹ 10,875 crore. Excise duty paid during the quarter fell to ₹ 168 crore from ₹ 3846 crore a year ago.
On Thursday, ITC Ltd shares rose 0.38% to ₹ 287.15 on the BSE while the benchmark Sensex rose 0.34% to end the day at 36,984.64 points.
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