ITC reported reduced profits from its cigarette operations in the March quarter following tax increases. Gains in other segments such as FMCG were insufficient to offset the shortfall. The company has begun adjusting prices and product offerings to safeguard its market position.
ITC's cigarette division faced pressure from higher taxes that reduced profitability during the quarter. Other business areas recorded better results yet could not fully make up for the decline in cigarette earnings. The firm is responding by revising prices and refining its product range to protect share in a competitive market.