ITC Q2 Results Preview: Profit seen falling nearly 30% YoY as cigarette tax hikes bite

TL;DR

• ITC is expected to report a weak Q2, with brokerages forecasting an 8% decline in cigarette volumes and a drop of up to 29% in cigarette operating profit following tax hikes. Nuvama expects consolidated revenue to fall 3% YoY and EBITDA to decline 20%.