Though, ITC is likely to be adversely impacted by lockdown in FY21, there are multiple factors that can impact cigarette business for the next two to three years that are (1) unavailability of smuggled cigarette even post lockdown period, (2) possibility of heavy tax on non-cigarette tobacco products & (3) increase in sales due to increase in prices after excise hike. Moreover, we believe margins in FMCG business can easily reach double digit in next two to three years. We expect ITC to declare dividend of | 16/ share (company declared dividend policy of ~80% payout) along with...