India's largest cigarette maker, ITC Ltd, posted a 21 percent jump in quarterly net profit on Friday, beating market expectations.

ITC, India's fourth most-valuable company at $41.1 billion, said its net profit rose to 20.5 billion rupeesfor the quarter ended December 31, up from 17 billion rupees a year earlier.

Analysts had expected a 16.5 percent rise in earnings to 19.8 billion rupees, according to Thomson Reuters I/B/E/S.