ITC posted steady numbers in Q2FY2020 with revenue growing by 5.3% and operating profit growing by 8.5% (OPM increased 112 bps to 38.4%). Higher other income led to a 10% y-o-y growth in profit before tax. A lower tax incidence drove up profit after tax (PAT) by 36%. Core cigarette business volumes grew by 3% largely driven by higher growth in premium cigarettes while regular and small-size cigarettes registered muted performance due to higher salience of sales in rural markets. The non-cigarette FMCG business continues...