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ITC Q3 Results Review- Favorable Below-Ebitda Items Offset Muted Performance Impacted By High Base: Systematix

We expect the volume trajectory on cigarettes to gradually recover with stable margins, while fmcg traction should continue given the distribution ramp-up alongside a continued improvement in margins.

<div class="paragraphs"><p>ITC Ltd.'s R&amp;D Centre in Bengaluru. (Source: Company website)<br></p></div>
ITC Ltd.'s R&D Centre in Bengaluru. (Source: Company website)
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