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Indian consumer goods major ITC posted a better-than-expected second-quarter profit on Thursday, helped by higher sales volumes in its core cigarette business and sustained rural demand.
The maker of 'Sunfeast' biscuits and 'Gold Flake' cigarettes reported a 5.4% rise in standalone profit of 51.80 billion rupees ($589.34 million) for the quarter ended September 30. Analysts, on average, had expected a profit of 50.71 billion rupees, according to data compiled by LSEG.
"While rural demand continued to demonstrate resilience, urban consumption witnessed uptick" the company said in a statement.
Revenue from ITC's cigarettes business, its largest segment, grew nearly 6.8%, driven by differentiated and premium offerings.
Revenue from its consumer goods segment, home to popular household brands such as 'Aashirvaad', 'Sunfeast' and 'Bingo', climbed about 7% to 59.64 billion rupees.
The firm's consolidated revenue grew 7.1% to 193.82 billion rupees.
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