ITC posted a mixed set of numbers in Q1FY2020 with revenue growing by just 6%, while better operating margins (OPM) and higher other income helped PAT grow by ~12%. Sales volumes of the core cigarette business grew by just 3%, missing ours as well as the street's expectation of 5-6%. Non-cigarette FMCG business grew by 8% (excluding discontinued retail business), while it's EBIDTA grew by 41%. Other businesses did well by clocking double-digit revenue growth. Discounted valuations of 21.5x its FY2021E earnings make...