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Motilal Oswal Report
ITC Ltd.'s Q2 FY21 results were broadly in-line.
While approximately 12% decline in cigarette volumes was below our expectation of 7% decline, overall results were only marginally below expectations.
The lower margin agriculture business grew faster than anticipated, partially offsetting the slower-than-estimated growth in the higher-margin cigarettes business.
Management indicated in its presentation that the easing of restrictions in September 2020 enhanced the ability to meet demand in the cigarettes business.
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