Cigarette maker ITC's third-quarter profit rises 17%; beats estimates

Analysts on average had expected a profit of 28.32 billion rupees, according to Thomson Reuters Eikon data

ITC Ltd, India's biggest cigarette maker, posted a 16.8 per cent rise in its third-quarter profit on Friday, helped by a one-time gain.

The company, which also makes consumer goods ranging from biscuits to skincare products, said its profit rose to Rs 30.90 billion  ($484.53 million) in the quarter ended Dec. 31, from 26.47 billion rupees a year ago. 

Analysts on average had expected a profit of Rs 28.32 billion, according to Thomson Reuters Eikon data.

The company reported a gain of Rs 4.13 billion on account of entry tax in the state of Tamil Nadu that was written back in the quarter.

Shares of ITC Ltd ended one per cent up at Rs 273.85 on the BSE on Friday.