ITC's Q1 profit drops 27% as premium cigarette demand softens amid tax hike

•ITC's Q1 profit fell 27% to 35.79 billion rupees ($375.24 million).

•Fresh cigarette tax hikes squeezed margins, while price hikes hit demand for pricier brands.

•Total expenses soared to 228.29 billion rupees, from 151.88 billion rupees in Q1.

•Revenue climbed to 269.43 billion rupees, from 210.7 billion rupees.