Our pecking order is ITC, Jubilant FoodWorks, Marico and Dabur FMCG universe recovered sharply by posting revenue/EBITDA growth of 13/17% in 3QFY18 on account of favorable base (2/1%), stabilizing trade channels (wholesale & CSD) and initial signs of rural recovery. The performance on an ex-ITC basis was even stronger at 15/23%, respectively. EBITDA growth was driven by favorable base, soft commodity inflation, better pricing discipline, premiumisation and favorable operating leverage.