REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU/CHENNAI, Oct 19 (Reuters) - India's ITC (ITC.NS) reported a smaller-than-expected rise in its second-quarter profit on Thursday, as the consumer goods major grappled with stiff competition from smaller rivals and higher prices of some commodities.
Dove-soapmaker Hindustan Unilever said earlier in the day it lost some market share in its mass segment - comprising lower-priced products - due to competition.
The tobacco-to-hotels conglomerate's profit still rose 10% to 49.27 billion rupees ($592.81 million), but missed analysts' average estimate of 49.54 billion rupees, according to data from LSEG.
Revenue from operations rose 3% to 177.05 billion rupees, helped by a 10% surge in its cigarettes business.
Other consumer goods majors Nestle India (NEST.NS) and Hindustan Unilever eased past quarterly earnings estimates earlier on Thursday, as city dwellers spent more on affordable pick-me-ups like cookies and coffee.
Persons:
Vivek Prakash, Shirish Pardeshi, Navamya Ganesh Acharya, Varun, Anil D'Silva
Organizations:
ITC, REUTERS, Hindustan Unilever, Centrum Broking, Nestle India, Varun Vyas, Thomson
Locations:
Mumbai, BENGALURU, CHENNAI, LSEG ., Bengaluru, Praveen, Chennai