Dealer stocking in previous quarter leads to sales moderation The company witnessed 20% YoY volume growth in Q1FY20 on account of dealer stocking of a week of additional inventories before the Budget in anticipation of introduction of excise duty. As a result, volume growth moderated during the quarter with correction in inventory at the dealer level. In the last two years, the company has changed its product mix in favour of | 5-6 price point, which now accounts for 60% of the portfolio. Moreover, Edition' brand at | 10 /stick accounts for 5% of volumes. We maintain our...