ITC net profit up 16 per cent, in line with forecast

India's largest cigarette maker, ITC Ltd, posted a 16 per cent jump in quarterly net profit on Friday, in line with market expectations.

ITC, India's third most valuable company, said its net profit rose to Rs 23.85 billion for the quarter ended December 31, up from Rs 20.5 billion a year earlier.

Analysts had expected a 15 per cent rise in earnings to Rs 23.6 billion, according to Thomson Reuters I/B/E/S.

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