beneficiary of an uptick in FMCG demand (increasing depth and width of portfolio) and is inching towards double digit EBIDTA margins over next 2-3 years, in our view. Paperboard business is in fine fettle given gains from steady prices and benign input costs. Hotels ARR and occupancy indicates steady improvement in industry dynamics, however recent outbreak of Corona Virus might impact tourist flow in the peak season. ITC trades at 15.7xFY22 EPS, ~50% discount to our coverage universe with 3% dividend yield and 12% PBT CAGR over FY20-22. Risk reward remains favorable,...