ICICI Securities Ltd | Retail Equity Research Gross revenues for the quarter grew 4.0% YoY against our estimate of 8.4% to | 574.2 crore. Cigarette sales increased 16.0% YoY to | 524 crore led by realisation improvement; cigarette volume for the quarter declined 0.5% YoY. Excise duty increased 22.8% YoY due to two months of additional excise duty levy of 6% post Budget and change in sales mix in favour of above 64 mm sticks. Unmanufactured tobacco sales fell 50% YoY to | 50 crore. Thus, net sales fell 15.7% YoY to | 227.0 crore (I-direct estimate: | 261.2 crore)...