Shares of ITC Ltd dipped 3 per cent to Rs 209.35 on the BSE in intra-day trade on Wednesday, after the company reported in-line results for the March quarter, although, analysts remained cautious on the cigarettes and hotels businesses in the medium-term.

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In March 2021 quarter (Q4FY21), ITC’s consolidated revenues grew 24 per cent year-on-year (YoY) to Rs 14,157 crore, led by a 14.2 per cent growth in the cigarettes business, 15.8 per cent growth in the fast-moving consumer goods (FMCG) business and 13.5 per cent growth in the paperboard business.

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