ITC's Profit Plunges Due to Cigarette Tax Hike
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ITC, a major consumer goods company in India, reported a significant drop in its first quarter profit due to a steep tax hike on its cigarette business. The company's net profit fell by 27% year-on-year to ₹3,579 crore ($375.24 million) in the quarter ended June 30, compared to ₹4,911 crore in the same period last year. The increase in cigarette taxes significantly impacted the company's core business operations. However, the FMCG segment showed resilience with revenue and profit growth.
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ITC profit falls as cigarette tax hike weighs The consumer goods majo...
India's ITC profit drops as cigarette tax hike hits core business http...
India's ITC profit drops as cigarette tax hike hits core business http...
ITC Q1 profit plunges 27% due to record cigarette taxes and West Asia...
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