ITCs net revenue was up by 9.6% YoY to Rs 96.6bn, in line with our expectation of 9.5% growth. EBITDA & APAT grew by 7.3% & 10.5%. Revenue growth was healthy led by cigarette & FMCG segments. Cigarette business grew by 7.1% with improved volume growth of ~3.5%. Non-cigarette business growth remained slow at 6.1% growth.