With stable taxation post July 2017, cigarette companies are seeing strong volume growth. VST's cigarettes volume growth has been ~8% in FY19. Moreover, ITC's selective price hike in 64, 69 mm categories has provided further manoeuvrability to VST to increase prices. Moreover, it is steadily increasing its product mix in favour of high priced | 6 & | 10 cigarettes. Currently, Edition' & Total' contribute 20% of volumes. We expect volume growth of 4% each in FY20E, FY21E, respectively, driven by a favourable product mix towards high priced cigarettes (69 mm & above category). We...