ITC Q1 result beats estimates, net profit up by 10% to Rs 28.19 billion

India's biggest cigarette maker ITC Ltd posted a better-than-expected 10 per cent rise in first-quarter profit on Thursday, as the company paid a significantly lower excise duty, a tax on manufactured goods.

Profit rose to Rs 28.19 billion ($410.6 million) in the quarter ended June 30, from Rs 25.61 billion in the year-ago quarter, the company said.

Analysts on average were expecting a profit of Rs 27.92 billion, according to Thomson Reuters.

However, quarterly revenue from operations fell 21.2 per cent to Rs 108.75 billion.

Excise duty paid during the quarter fell to 1.68 billion rupees from Rs 38.46 billion a year ago.