Its comparable consumer business growth was 16.2%, similar to the 17% growth that Hindustan Unilever Ltd reported. ITC needs its cigarettes business to normalize for sales growth to revive but especially for profitability to improve. On a sequential basis, ITC’s profitability has improved with its segment margin rising by 96 basis points. If the improvement in the other businesses sustain, that can support profitability but ITC’s cigarettes business still contributes to 84% of segment profits. There is no alternative at this point by comparable size and profitability to offset a declining situation in its cigarettes business.

Source: Mint January 22, 2018 02:26 UTC