ITC has posted spectacular set of results in 4QFY16. The Company has topped our sales estimates by 5% while exceeding EBITDA estimates by 7%. ITC's net sales grew by 9.5% to Rs100.6bn and EBITDA came in at Rs35.8bn for 4Q. Notably, its net profit at Rs25bn came largely in line with our estimates due to higher tax outgo during the quarter. We expect ITC to post revenue and earnings CAGR of 12.1% & 13.3%, respectively through FY16-18E and maintain our BUY recommendation on...