ICICI Securities Ltd | Retail Equity Research ITC reported net revenue growth (net of excise duty for base quarter as well as our estimates) of 7.2% YoY to | 10226.4 crore, marginally lower than our estimate of | 10593.8 crore. Amid higher tax incidence under GST, the cigarette business was adversely impacted and reported a volume decline of ~6% YoY, against our estimated decline of ~3% YoY (assuming realisation growth of ~12% YoY to pass on the increase in the tax incidence under GST)...