ITC September-Quarter Profit Falls 17% on Cigarette Taxes
Higher cigarette taxes, falling volumes and shrinking margins outweighed growth in packaged foods, the report says.
Mumbai, Nov. 2 -- Higher cigarette taxes took a toll on ITC Ltd's earnings in the September quarter, as falling volumes and shrinking margins outweighed the strong growth in its packaged foods business. Despite a pickup in demand for biscuits, snacks and packaged staples, the company's profit fell…