ITC's Q3 smoke signals mixed as profit flattens, costs rise

Contributing sentiments towards policy:

55% : Earnings before interest, tax, depreciation and amortisation stood at Rs 6,883 crore, up 8.2 per cent year on year, pointing to resilient operating performance despite cost pressures.
44% : ITC cautioned that steep tax hikes in the past have already made India the world's fourth-largest illicit cigarette market, accounting for nearly one-third of the legal industry and causing an estimated annual revenue loss of Rs 23,000 crore to the exchequer.
40% : Even as the numbers held firm, ITC flagged fresh concerns on taxation.
37% : "The unprecedented increase in tax incidence will further fuel illicit trade and impact farmers, MSMEs, retailers and local value chains," the company said in its filing.

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