Calcutta: Diversified ITC Ltd on Thursday reported a 10 per cent increase in standalone net profit at Rs 2,818.68 crore for the first quarter ended June 30, 2018, aided by lower expenses and good growth in agriculture and other FMCG businesses even as cigarette sales declined.

The company had posted a standalone net profit of Rs 2,560.50 crore in the first quarter of the previous fiscal.

Revenue from operations was at Rs 10,874.59 crore compared with Rs 13,800.42 crore a year ago.

The two figures are not comparable as revenue from operations are net of GST after the implementation of the new tax regime from July 2017.

The company said its total expenses for the quarter under review stood at Rs 6,978.50 crore against Rs 10,332.61 crore in the corresponding period last fiscal.

During the first quarter, revenue from cigarettes stood at Rs 5,127.59 crore compared to Rs 8,774.16 crore in the corresponding period last fiscal, down 41.5 per cent, ITC said.