ITC posted its Q1FY19 results which were in line with our estimates, revenue stood at INR 107 Bn (+7.6% YoY). The top line was mainly driven by Food-FMCG, Hotels and Agri segment, which grew by 10.3%, 12% & 14% YoY respectively, this was mainly due to revival in consumer demand and increase in room occupancy rate. EBIDTA stood at INR 42 Bn (+12% YoY), with OPM at 39.2% (+161 bps YoY). Lower operating overheads (-3% YoY) has resulted in better margins. PAT for Q1FY19 stood at INR 28.2 Bn (+10.1% YoY),...