ITC Limited (ITC) result was in-line with our estimates. Business recovery in Cigarettes has been better than expected driven by gradual unlocking of economy and improved consumer sentiment. However, performance of Hotel segment remained subdued; current quarter revenue stands at 19% of last year. Positively, Branded FMCG and Agri business continued its outperformance with high double digit value growth. Revenue from Paperboard and Packaging segment also recovered strongly compared to last quarter. Excluding Branded FMCG and Agri segment, all other segments witnessed decline in operating profits primarily led by negative operating leverage. Based on...