A 970bps decline in margin in the cigarette business indicates that the product mix was unfavorable and economy brand contribution must have increased during the quarter. Significant increase in duty has resulted in widening of price gap between ITC and smuggled cigarettes. We believe that this would continue to pressurize volume growth even after lockdown re-opens. FMCG business exhibited satisfactory performance with 10% revenue increase and 120bps margin expansion....