Economy · India
Cigarette makers' Q1 profits drop due to tax hikes, but ITC shares rise
India's major cigarette manufacturers, including ITC, Godfrey Phillips India, and VST Industries, experienced a decline in net revenue, volumes, and profits during the first quarter. This downturn is attributed to increased tobacco taxes. ITC's profit dropped by 27%, with premium cigarette demand softening. Despite the profit decline, ITC's share price surged by approximately 4% on the NSE following the Q1 results. Analysts and brokerages are evaluating whether the worst of the impact has passed.
How outlets across the spectrum covered it
Left 2 · Centre 3 · Right 1 n = 6
- Left (2): National Herald, The Hindu
- Centre (3): Business Standard, Mathrubhumi English, Mint
- Right (1): The Pioneer
- International (4): Al Jazeera English, France 24, Reuters, The Guardian