By Kosaku Narioka

ITC Ltd. said its fourth-quarter net profit rose 9.1% from a year earlier thanks to lower tax expenses despite weaker earnings from various businesses, including cigarettes.

Net profit for the quarter ended March 31 rose to 38.57 billion Indian rupees ($510.0 million) from INR35.35 billion a year earlier, the Indian tobacco conglomerate said late Friday.

Profit fell 11% for its cigarettes business, which accounts for the lion's share of earnings. Hotels, agriculture and paper businesses also posted a decline in profit as the Covid-19 pandemic disrupted operations.

Fourth-quarter revenue dropped 4.9% from a year earlier to INR125.61 billion while tax expenses fell 47% to INR8.17 billion.

ITC said it didn't expect any significant impact on its carrying value of assets from the pandemic. 



  Write to Kosaku Narioka at kosaku.narioka@wsj.com