ITC Profit Falls 20 Percent on Higher Prices
Indian cigarette maker ITC reported a twenty percent drop in quarterly profit on Monday. Higher prices and rising material costs dented demand for tobacco products. Total revenue climbed despite the pressures.
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ITC LTD reported a 20% decline in quarterly profit to 41.37 billion rupees ($436.14 million) on Monday morning, hurt by higher cigarette prices and raw material inflation. The drop highlights the strain higher levies place on India's tobacco sector. Consumer goods demand remained resilient across India, offsetting some of the margin pressure.
