ITC Meets Estimates, Q2 Net Grows 9%

Cigarettes to FMCG and hotels major ITC reported in-line earnings for the quarter ended September 30, 2014. Its net profit grew 9 per cent year-on-year (y-o-y) to Rs 2,425 crore supported by price increase in cigarettes and other income.

Its net sales rose 15 per cent y-o-y to Rs 8,930 crore in the reporting period.

Analysts polled by NDTV had estimated its net profit at Rs 2,443 crore on sales of Rs 9,043 crore.

ITC's net profit was partially boosted by other incomes which came in at Rs 356 crore against Rs 246 crore in the same period last fiscal.

Revenue in the Cigarettes segment, which contributes around 50 per cent to the total revenues of ITC, grew 14 per cent y-o-y to Rs 4,250 crore.

ITC shares ended 0.1 per cent higher at Rs 355.25 a piece underperforming the Nifty which closed 1.9 per cen higher.