High Cigarette Taxes Lead to 27% Drop in ITC's Q1 Net Profit to ₹3,579 Crore

Summary

ITC's Q1 net profit dropped by 27% to ₹3,579 crore, primarily due to high taxes on cigarettes. The government's decision to increase excise duty and other taxes on cigarettes significantly impacted the company's margins, as this business is a major contributor to its profit.