ITC's FMCG business reported 18.4% comparable sales growth and 9.7% EBIDTA margins even as 11.5% cigarette volume decline was disappointing. Overall business recovery has set in across segments, although cigarettes, Hotels and Leaf tobacco will have a delayed recovery. We believe strong sales momentum in Foods, Hygiene and success in the frozen snacks and Vegetables is a long term positive given that ITC's margins have started reflecting impact of cost control and scale. We believe ITC would be one of the key beneficiary of an uptick in consumer demand given the depth and...