ITC Limited reported a 5% increase in its standalone profit for the fourth quarter, supported by robust growth in its fast-moving consumer goods (FMCG) and paper segments. Despite this positive financial performance, the company's shares fell by 2% in trading. Leading brokerages such as Goldman Sachs, Morgan Stanley, and Nomura expressed caution, citing concerns over the impact of recent cigarette tax hikes. These tax increases are expected to pressure cigarette volumes and margins, potentially weighing on ITC's future earnings. While FMCG and paper businesses showed resilience, the cigarette segment remains a challenge for the company amid regulatory changes. ITC shares slipped on Friday despite a 5% rise in Q4 standalone profit and strong FMCG growth.