Highlights - Cigarette volume growth subdued, excise duty hike a dampener - FMCG business benefits from operating leverage and mix - Strong performance by hotels and agri-business - Broadening of growth levers on track, valuation discount to narrow ITC’s quarterly results were broadly in line with expectations, particularly in the FMCG and hotels businesses. An improving margin profile points to a successful scaling up of its new businesses. But an excise duty hike announced in the budget has been a dampener for the cigarettes division. ITC’s stock...
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