ITC's Q4FY2020 performance was affected by lockdown with revenues declining by 6.4% and adjusted PAT stood flat. Cigarette business revenue declined by ~6.5%, largely due to a 10-11% dip in cigarette sales volumes. The sales volumes stood almost flat in January-February. Non-cigarette FMCG business declined by ~3% (comparable revenue growth excluding stationary business and hived-off the retail business stood at 5%). Revenue and PAT grew by 2.2% and 23% (aided cut in the corporate tax rate) in FY2020. Manufacturing of essentials such as personal wash, hygiene...