A look at ITCs top line shows the revenue share of its tobacco business has nearly halved—from 62% in FY14 to 37% in FY23. This change cant come about unless you understand the Indian consumer. Sanjiv Puri, chairman and managing director of ITC, is among the few executives who has a finger on their pulse. In an exclusive interaction with ET, Puri talks about how the FMCG behemoth came to be.