: ITC's cigarette business net revenues declined by ~21% YoY affected by sharp increase in the excise duty and dip in sales volume. Its sales volume declined by 8% in Q2FY27 vs. 5% in Q1FY27. However, the company arrested significant volume dip by implementing gradual price hike in cigarette portfolio. The company has undertaken 75-80% of required price hike of 24-25% in its cigarette portfolio. Remaining 20% will be taken in Q3FY27. We expect entire price hike to get in reflect in the market by early Q4. Calibrated price hike and decline in the sales volume led to 27% decline in the cigarette business EBIT during the quarter....