ITC posted a poor set of numbers for 3QFY2016, both on the top-line and bottom-line fronts. The top-line was subdued due to lower growth in Cigarettes & Hotel businesses and de-growth in Agri business, which in turn resulted in a lower profitability of the company. Key highlights: ITCs net sales for the quarter grew by 2.6% yoy to Rs9,177cr. The Cigarettes business posted a 5.7% yoy growth in net sales to Rs4,380cr, aided by price hikes. A muted sales growth in the Cigarettes business resulted in the segment posting a 3.4% yoy growth in its EBIT. The FMCG (others) business, which posted a 7.1% yoy growth in net sales to Rs2,478cr, posted an EBIT level profit of Rs19cr. Further, the Paperboards and Packaging division posted a growth of 5.1% yoy and 12.7% yoy in revenue and segmental EBIT, respectively. The Hotels business posted a 4.5% yoy growth in its top-line, while it reported a de-growth at the EBIT level. The Agri business posted a de-growth of 7.3% yoy in revenue, while its EBIT de-grew by 3.1% on a yoy basis. Overall, the companys OPM expanded by 55bp yoy to 39.3%, owing to lower raw material costs (down 254bp yoy as...