ITC Q1: Only smoke, or is there fire too?
ITC's cash generating machinecigarettesseems unaffected by punitive taxation and public health policy
When expectations are rock bottom, exceeding them is not difficult. That is one way of looking at ITC Ltd’s shares rising 5.2% on Friday after its net profit grew 10.2% in the June quarter. While earnings’ growth was better than expected, volume growth in its cigarettes business caught attention, with analysts estimating it at 1-1.5% over a year earlier compared to their expectations of no change.
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