ITC has reported largely an in-line performance in Q2FY19 with an estimated cigarettes volume of ~7% YoY. Despite a robust YoY growth in cigarettes volume, cigarettes revenue declined by 2% QoQ. Further, EBIT growth at 9% YoY is slightly disappointing. Total EBIDTA growth stood at healthy 12% YoY helped by 77% growth in FMCG others segment. PAT grew by 12% YoY, in line with our estimate. At CMP, the stock trades at 25x FY20E earnings, which is reasonable considering the...