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ITC Q3 profit up 10.5%, slow cigarette growth hurts revenue

Cigarette-hotel-to-FMCG major ITC missed street expectations on topline as well as bottomline front in the third quarter of current financial year 2014-15. Profit grew 10.5 percent year-on-year to Rs 2,635 crore as against expected growth of 12.6 percent.

The News International Team

Cigarette-hotel-to-FMCG major  ITC missed street expectations on topline as well as bottomline front in the third quarter. Profit grew 10.5 percent year-on-year to Rs 2,635 crore as against expected growth of 12.6 percent. Other income

Net sales rose 2.5 percent to Rs 8,942 crore in the quarter ended December 2014 from Rs 8,727 crore in the year-ago period. According to the average of estimates of analysts polled by CNBC-TV18, revenue was expected at Rs 9,744 crore, up 11.7 percent.

The slow growth in cigarette business impacted overall revenue growth of the company during the quarter. Cigarettes revenue rose 0.6 percent year-on-year to Rs 4,142 crore due to price hikes in 2014.

More to come…

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