ITC net profit up 16 percent, in line with forecast

MUMBAI (Reuters) - India's largest cigarette maker, ITC Ltd, posted a 16 percent jump in quarterly net profit on Friday, in line with market expectations.

ITC, India's third most valuable company, said its net profit rose to 23.85 billion rupees for the quarter ended December 31, up from 20.5 billion rupees a year earlier.

Analysts had expected a 15 percent rise in earnings to 23.6 billion rupees, according to Thomson Reuters I/B/E/S.

(Reporting by Nandita Bose; Editing by Sunil Nair)