Though cigarettes sales have returned to previous levels on a daily sales basis by mid-June after lockdown was slowly lifted in most states, we believe ITC would have lost 40-45 days of sales in Q1FY21. FMCG business saw a 2.8% sales dip during the quarter with supply chain & manufacturing disruption in the last 10-15 days of March 2020. However, the business is likely to witness sharp growth in Q1FY21 given most of the product portfolio consist of essentials (packaged food & soaps). The hotels business was worst hit due to lockdown with occupancy levels coming down from ~65%...