High priced brands contribution improves; volume dip concern The company took a price hike of 12% on 80% of its product portfolio (blended price hike of ~11%) in March, April 2020. Total' & Edition' (high priced brands) are contributing 45% to volume. We believe contribution of these brands would continue to increase given the company has been expanding its distribution in new states. The excise increase in Budget & pandemic had an adverse impact on cigarettes volumes in FY21. We believe work from home culture, health concerns would continue to impact volumes...