India's biggest cigarette maker ITC Ltd posted a better-than-expected 10 percent rise in first-quarter profit on Thursday, as the company paid a significantly lower excise duty, a tax on manufactured goods.
Profit rose to 28.19 billion rupees ($410.6 million) in the quarter ended June 30, from 25.61 billion rupees in the year ago quarter, the company said.
Analysts on average were expecting a profit of 27.92 billion rupees, according to Thomson Reuters I/B/E/S.
However, quarterly revenue from operations fell 21.2 percent to 108.75 billion rupees.
Excise duty paid during the quarter fell to 1.68 billion rupees from 38.46 billion rupees a year ago.