ITC Limited (ITC) result was below our expectations. Overall revenue reached pre-covid levels. FMCG: others continues to grow at strong double digit driven by positive tailwind in health, hygiene and food portfolio. Revenue from Cigarettes grew at 4%YoY (vs -4% in 2QFY21). Recovery in Hotel business remained below expected; revenue stood at 43% of 3QFY20. However, ITC turned EBITDA positive on Hotels segment during Dec'20. Agri Business also grew at 18% driven by trading opportunities in rice, soya and wheat for Aashivad atta. Revenue from Paper segment continues to decline driven by subdued demand in domestic market. On margins; except FMCG-non-cigarette business, all other...