ITC reported decent set of numbers for the quarter with revenue growth of 4.3% YoY to | 13722.2 crore, broadly in-line with our estimate of | 13669.4 crore. Cigarette grew 6.6% YoY, FMCG & hotel segments grew 9.0% and 6.1% YoY Cigarette volumes remained muted (~1% volume growth recorded), growth was primarily led by price hikes undertaken in previous quarter post budget. Additionally thin trade pipeline restricted any major plunge in cigarette volumes ahead of GST implementation....