Prior to the COVID-19 outbreak, the segment was on track to register double-digit revenue growth for 4QFY20, on a comparable FMCG - Others net sales declined by 2.8% YoY to INR31.8b. While capacity addition in the value-added Paperboards segment bolstered revenue, slowdown in customer off-take due to sluggish demand in end-user industries (FMCG and liquor industry) weighed on the performance of the Net sales of Paper and Paperboard business declined 5.1% YoY to INR14.6b. overhang of further GST increase on cigarettes, (c) ITCs valuation premium to global tobacco majors like Philip Morris and BAT, and (d) continuance of weak earnings trajectory (6.6% PBT CAGR in the last 5 years), outweigh the apparent relief of cigarette sales bouncing back to near pre-COVID levels and the dividend.