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Dolat Capital Report
ITC Ltd.’s Q2 FY21 revenue and adjusted proift after tax came ahead of our estimates.
The cigarette business posted approximately 3.9% YoY de-growth, versus estimate of 5% decline.
Our analysis suggests 10% plus volume decline in cigarette business.
A 880 basis points decline in margin in the cigarette business indicates that the product mix was unfavorable and economy brand contribution must have increased during the quarter.
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