ITC Q1 Sales Jump 25%

The net sales of ITC, India's largest cigarette maker, rose to Rs 9,160 crore – a jump of 25% in quarterly sales as demand for smaller and cheaper cigarettes grew. Its net profit rose 16% to Rs 2,190 crore for the quarter ended June 30.

ITC, India's fourth-biggest company by market value, sells four out of every five cigarettes sold in the country and is nearly 25% owned by British American Tobacco.

ITC's consumer goods business, which includes packaged foods and personal care products, went up 11%.

According to analysts, sharp increase in excise duties of 11-72% announced in the Union Budget is likely to affect sales by about 3.5-4%.