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The company saw a breakout year in FY25, with income from operations reaching 3,541 crore (YoY growth of 6.2%), while EBITDA rose 81.7% to 451 crore

"By extension, a similar pattern will hold in much of the rest of Europe, Canada and Australia." He argues there is evidence the rate of volume decline is increasing, so there is a real possibility under one plausible scenario that by 2050 "there will be no smokers left in many developed countries." Then, Spielman drops another bombshell: "Smoking trends and regulations in emerging markets are often only five to 10 years behind those in developed markets." That raises the prospect of an industry heading towards extinction

Whether swimming, showering, or being caught in a downpour, that

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