Cigarette volume decline is likely to have been ~2% YoY. Calculated cigarette revenue declined ~ 4.3% YoY, while cigarette EBIT grew ~8% YoY(~ 800bp expansion of EBIT margin). There have been no price increases over the past 4-5 months, particularly as the budget left taxes on cigarette sun changed. However, there is a risk of a change in cigarettes rates in the subsequent GST Council meetings