ITC's profit falls 20% as a cigarette tax increase hits volumes

ITC’s standalone net profit fell 20% to ₹4,137 crore in July to September, while revenue from operations rose 28% to ₹28,318 crore.

The company said an unprecedented tax increase on cigarettes hurt legal industry volumes, though the business improved from the June quarter. Its other FMCG categories grew at double digits, with biscuits, snacks, noodles and spices each up more than 20%.