ITC fourth-quarter profit rises 12 percent, but misses estimates

Diversified consumer company ITC Ltd posted a 12 percent growth in March-quarter profit as its biggest segment, cigarettes, witnessed growth in sales.

Profit rose to 26.69 billion rupees ($413.93 million) in the fourth quarter ended March 31, from 23.81 billion rupees a year earlier, the conglomerate said on Friday.

Analysts on average expected the company to post a profit of 27.06 billion rupees, according to Thomson Reuters data.

ITC, India's biggest cigarette maker, said revenue from cigarettes rose about 5 percent to 89.55 billion rupees.