Prakhar, the official cutoff has not been released yet by NTA for IIFT. Although the experts have been expecting a cutoff of around 120-130 for the general category students after paper analysis, reaction of students and previous years' trends.

The cutoff of GK is also expected to be around 7. The sectional cutoff of QA would probably be around 15, 22-25 for VARC and around 20 for LRDI. With your score of 121, if you clear the sectional cutoff, I believe you can expect a call for the next round. All the best.