Cigarette, FMCG growth weakens; margins continue to impress Cigarette sales grew 6% YoY with an estimated 3% YoY increase in volumes and 3% increase in realisations led by select price hike and mix improvement. We believe cigarette volume growth was a tad slower due to slower growth in ITC's sub 64 mm portfolio. Weak rural demand and floods in certain geographies have also impacted demand in this segment. Cigarette EBIT increased 7.4% YoY with 96 bps expansion in margins on account of relatively lower growth in sub 64mm portfolio and salience of...