In the March quarter, ITC Limited delivered steady financial performance, highlighted by stronger-than-expected EBITDA margins. The company's diversified portfolio, spanning tobacco, FMCG, agriculture, and paperboards, helped mitigate pressures from recent cigarette tax increases. While the FMCG segment demonstrated healthy traction, agriculture and paperboard businesses experienced subdued growth. Market participants are now focusing on how upcoming quarters will reflect the full impact of cigarette tax hikes on volume growth and rural demand trends. ITC's ability to balance these factors remains crucial for its near-term outlook. ITC Limited reported a steady March quarter. Strong operating margins were a key positive. EBITDA margins exceeded expectations. The company's diversified model cushions tobacco tax pressures.