While a better than expected performance in the Agri business led to a beat on sales, EBITDA and PBT were in line with our estimates. Volume and sales growth in Cigarettes, sales growth in FMCG Others, as well as a full year dividend payout were broadly in line with our expectations. Unlike other discretionary categories, which have reported a strong rebound, two-year average growth in Cigarette volumes as well as EBIT declined by ~2% each in 4QFY21. While the impact of lockdowns in 1QFY22 may not be as severe as that in...