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manishds

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ITC - Research Report
« on: May 26, 2010, 07:21:11 AM »
ITC’s Q4FY10 results (28% revenue growth, 27% PAT growth) were driven by strong performance
in core cigarette business (~9% volume growth) and higher than expected revenue growth in
non-cig fmcg as well as Agri business. Higher trade spends in Cig, adverse mix change in Agri
business and commissioning of Banglore hotel property impacted operating margins by nearly
150bps.
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