Mumbai , 20-07-2001
ITC Ltd, India's largest cigarette maker, on Friday beat expectations with a 20.76 per cent growth in net profit for April-June 2001 over the year ago.

Calcutta-based ITC, which makes two out of every three cigarettes sold in India, posted a net profit of Rs 3.01 billion in the quarter ended June 2001 compared to Rs 2.49 billion in the year-ago quarter.

Analysts polled by Reuters had forecast a net profit growth of 18.31 per cent to a median Rs 2.86 billion for ITC, which is 31.7 per cent owned by British American Tobacco Plc, the world's second-largest tobacco group.

Net sales for the quarter rose 4.16 per cent to Rs 10.48 billion, lower than the expected growth of 6.38 per cent to Rs 10.70 billion.

Other income for the quarter rose 49 per cent to Rs 264.2 million.

ITC shares were up 0.27 per cent to Rs 789 in afternoon deals while the main Bombay index, Sensex was 0.11 per cent weaker.