ITC's profitability in FMCG and hotels should be generating profits, and the company should deliver on their promise of separating these businesses and floating them separately to unlock value. The distribution restrains and give-and-take happening between United Spirits and the government to constrain the margins is the biggest challenge. Rural economy is expected to boost consumption and most staples should do well. It is time to focus on two-wheelers such as Bajaj, who has done well, and Hero, who still needs to catch up.