percent owned by British American Tobacco PLC, generates about half its revenue from cigarettes. The company also owns hotels and makes products including soap and shampoo. It said net sales from its non-cigarette consumer business grew 30 percent to 17.8 billion rupees.
"The non-cigarette business has shown a good jump. This is a good sign because the company has been focusing heavily on diversification," said Naveen Trivedi, an analyst with Karvy Stock Broking Ltd. in Mumbai.
Shares in ITC, a staple for fund portfolios that consider it recession-proof, rose as much as 1.6 percent after the results, after falling more than 10 percent in the past month.
The stock trades at 25.5 times its 12-month forward earnings, compared with peers Hindustan Unilever's 28.5 times, and Godrej Consumer's 26.5 times, according to Thomson Reuters Starmine Smart Estimate.
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