In one specific scenario IF condition was not working in the Quote Template. On checking the format I could see the MergeField was also enclosed in double quotes as below: "{ MERGEFIELD Quote.Previewed_Discount }"
IF "{ MERGEFIELD Quote.Previewed_Discount }" = "0.00" "no discount" "Discount:" \* MERGEFORMAT
When the double quotes was removed from the MERGEFIELD the IF condition worked fine.
IF { MERGEFIELD Quote.Previewed_Discount } = "0.00" "no discount" "Discount:" \* MERGEFORMAT
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