ITC Ltd., Asia’s second-largest tobacco company by value, said fourth-quarter profit rose 27 percent, the fastest pace in more than three years, on higher cigarette sales and as losses narrowed in a unit that sells snacks and apparel.Net income increased to 10.3 billion rupees ($219 million) in the three months ended March 31 from 8.09 billion rupees a year earlier, ITC, based in Kolkata, India, said in a statement today. That compares with the 10.2 billion rupee median estimate of 20 analysts compiled by Bloomberg. ITC, which gets more than 80 percent of its profit before tax from selling tobacco, benefited in the quarter as retailers hoarded cigarettes in anticipation of an increase in excise tax in the federal budget for the year ending March 31. ITC, Asia’s most valuable cigarette … Read entire article »