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Its a mix of structural and short-term factors: Policy uncertainty (especially in Delhi) Price hikes & increasing excise pressure Supply chain disruptions (glass, packaging costs) On-trade stress with rising license fees Consumers drinking betternot more Whats interesting: Revenue isnt necessarily falling

The campaign showed Joe Camel, this adventurous character, having fun in exotic and exciting places doing cool and rebellious things

The public gets the joke on illicit trade, William Stewart told me

1 Peter 2:24 and He Himself bore our sins in His body on the cross, so that we might die to sin and live to righteousness
