After 2 years of goldilocks period, will FY24 Budget be a boon or bane for ITC?

If the quantum of hike in tax is around this level, then Jefferies believes ITC can absorb it by passing on to consumers and not seeing any major hit to volumes. The sector has seen notable recovery in legal cigarette volumes this year, while most other parts of consumption have seen sharp inflation in the past three years.

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