Diversified conglomerate ITC registered 10 per cent growth in net profit at ?2,933 crore for the quarter ended March 31, 2018, as compared with ?2,669 crore same period last year.

The company’s board has recommended a dividend of ?5.15 per share for FY’18.

Revenue from operations dropped by 28 per cent to ?10,813 crore during the quarter under review, as compared with ?15,009 crore same period last year. Its revenue from sale of cigarettes dropped by nearly 45 per cent to ?4936 crore (?8955 crore).

"In view of the aforesaid restructuring of indirect taxes, gross revenue from sale of products and services and excise duty for the quarter and twelve months ended March 31, 2018 are not comparable with the previous periods," ITC said.

Post the implementation of GST in July 2017, revenue for the March quarter was reported as net of GST, whereas in the year-ago period excise duty and VAT were included.

"A punitive and discriminatory taxation and regulatory regime continues to exert severe pressure on the domestic legal cigarette industry even as illegal cigarette trade grows unabated," said a press statement issued by ITC.