<p>Cigarettes-to-hotel conglomerate ITC Ltd posted a 20.8 per cent rise in second-quarter profit that beat estimates, driven by demand for its cigarettes and snacks.</p>.<p>The maker of Classic cigarettes, Sunfeast biscuits and Bingo chips reported a profit of Rs 4,466 crore ($541.18 million) for the quarter ended Sept. 30, compared to a profit of Rs 3,697 crore a year earlier.</p>.<p>Analysts were expecting a profit of Rs 4,368 crore, according to Refinitiv IBES data.</p>.<p>ITC, which has a diversified presence in sectors like snacks, hotels, speciality papers and agri-business, owns many household names like Aashirvaad Atta and Classmate notebooks.</p>.<p>Revenue from operations rose 26.6 per cent to Rs 17,160 crore, helped by growth in two of its mainstay segments – cigarettes and other FMCG, whose revenue rose 23.3 per cent and 21 per cent, respectively.</p>.<p>"Stability in taxes on cigarettes, backed by deterrent actions by enforcement agencies, enable continued volume recovery from illicit trade," the company said in a statement.</p>.<p>The company's hotel business saw a 81.8 per cent revenue jump, signalling a strong comeback from the impact of COVID-related curbs on travelling.</p>.<p>The recent easing in raw material costs could further boost earnings of diversified consumer companies like ITC, which suffered from inflationary pressures and supply chain disruptions due to the Russia-Ukraine conflict and lingering impact of the pandemic.</p>.<p>"Inflationary headwinds continued to weigh on consumption expenditure, which was partly offset by early onset of festive season this year in some parts of the country," ITC said.</p>.<p>ITC has been among the top gainers on Nifty 50 Index so far this year, with its shares rising over 60 per cent year to date. </p>
<p>Cigarettes-to-hotel conglomerate ITC Ltd posted a 20.8 per cent rise in second-quarter profit that beat estimates, driven by demand for its cigarettes and snacks.</p>.<p>The maker of Classic cigarettes, Sunfeast biscuits and Bingo chips reported a profit of Rs 4,466 crore ($541.18 million) for the quarter ended Sept. 30, compared to a profit of Rs 3,697 crore a year earlier.</p>.<p>Analysts were expecting a profit of Rs 4,368 crore, according to Refinitiv IBES data.</p>.<p>ITC, which has a diversified presence in sectors like snacks, hotels, speciality papers and agri-business, owns many household names like Aashirvaad Atta and Classmate notebooks.</p>.<p>Revenue from operations rose 26.6 per cent to Rs 17,160 crore, helped by growth in two of its mainstay segments – cigarettes and other FMCG, whose revenue rose 23.3 per cent and 21 per cent, respectively.</p>.<p>"Stability in taxes on cigarettes, backed by deterrent actions by enforcement agencies, enable continued volume recovery from illicit trade," the company said in a statement.</p>.<p>The company's hotel business saw a 81.8 per cent revenue jump, signalling a strong comeback from the impact of COVID-related curbs on travelling.</p>.<p>The recent easing in raw material costs could further boost earnings of diversified consumer companies like ITC, which suffered from inflationary pressures and supply chain disruptions due to the Russia-Ukraine conflict and lingering impact of the pandemic.</p>.<p>"Inflationary headwinds continued to weigh on consumption expenditure, which was partly offset by early onset of festive season this year in some parts of the country," ITC said.</p>.<p>ITC has been among the top gainers on Nifty 50 Index so far this year, with its shares rising over 60 per cent year to date. </p>