Mumbai, July 26: India's cigarettes to FMCG and hotels major ITC surpassed street estimates, as the company reported 20.2% on-year rise in its net profit for April-June quarter of 2012-13 at Rs 16.02 billion as against Rs 13.33 billion in corresponding quarter a year ago.
However, the company's net fell marginally from the previous quarter net profit of Rs 16.14 billion, forcing stock to move south in early hours.
Cigarettes major's net sales rose 15% on-year to Rs 66.52 billion from Rs 57.67 billion in same quarter a year ago. Earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 200 basis points on-year to 34.7% in the quarter.
The company's expenses on raw material cost increased in Q1 to Rs 20.62 billion against Rs 18.94 in previous quarter.
Cigarette sales in Q1 rose 15% on-year to Rs 60.61 billion against Rs 52.70 billion. Hotel, agri-business and paper segments reported almost flat sales growth with Rs 2.32 billion, Rs 16.91 billion and Rs 11.05 billion sales respectively. ITC's shares were trading at Rs 255.00, up 0.16%, on Bombay Stock Exchange at 1:20 pm on Thursday.