ICICI Securities Ltd | Retail Equity Research Revenue (net of excise duty and GST) increased 32% YoY to | 290.2 crore. Volumes increased in excess of 10% aided by the low base in Q2FY18 & stable taxation on cigarettes in the last year. Base quarter was muted with 1% decline in cigarette volume after steep GST increase in July 2017. This, coupled with a change in product mix towards premium priced cigarettes, has aided topline. In Q2FY19E, 64 mm category contributed 40% of volumes whereas 69 mm & King...