Indian consumer goods major ITC beats profit view as rural demand rebounds
The 'Gold Flake' cigarette maker reported a profit of 56.38 billion rupees ($643.69 million) for the third quarter ended December 31, compared with 55.72 billion rupees a year earlier.
Analysts, on average, had projected a profit of 51.9 billion rupees, according to data compiled by LSEG.
People in rural India have started spending more on branded goods again - benefiting from income support schemes by several states - helping consumer goods majors cushion the blow from a slowdown in urban spending.
For ITC, quarterly revenue rose nearly 9% to 182.9 billion rupees, helped by an expansion in rural and semi-urban areas.
The group's mainstay cigarettes business posted an 8% rise in revenue, while its consumer goods vertical - home to brands including Aashirvad, Sunfeast and Bingo - reported a 4% growth.
Cigarettes and consumer goods account for the majority of ITC's revenue.
($1 = 87.5890 Indian rupees)
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