Key highlights of ITC's Annual Report 2016:Excise duty collection increased in FY16: The Union government hiked excise duty on cigarettes by 22%/18%/25%/16% in Union Budget FY13/14/15/16. Excise duty paid to government by ITC’s cigarettes business rose 9% yoy in FY16 to Rs 149bn vs. 27%/13%/0% in FY13/14/15. Excise duty revenue for the government increased, even as volumes fell 3%/6%/9% in FY14/15/16.Phillip Capital maintain a BUY with a TP of 375.Trendlyne has 1 report on ITC updated in the last year from 1 broker with an average target of Rs 375.