The results for ITC (CMP: Rs 238; Market Capitalisation: Rs 29,3717 crore) came in line with Street expectations. Despite very high raw material prices, the FMCG segment was able to sustain the margins on a sequential basis. September quarter results Gross revenues grew by 11 percent year on year (YoY) on the back of double-digit growth in the cigarette, paper and paperboards business and the hotel business bounced back while agri-business declined. (image) Gross margin improved sequentially despite high commodity price inflation....
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