BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
VST Industries Ltd.'s reported Q3 FY22 revenues in-line with our estimates; grew 14.5% to Rs 2.9 billion backed by strong 15% volume growth. The gross margin declined 179 basis points to 53.1% due to rise in tactical trade discounts and promotions focused to driving consumer awareness for Total brand.
Ebitda margin declined 163 bpa YoY to 33.1%, as employee cost declined 1.9%, though other expenses increased 29.9% due to higher marketing expenses.
VST Industries' management indicated that mid-term growth look stronger due to-
recovery in north markets,
focus on premium brand positioning,
December 2021 volumes back to pre-Covid-19 levels and
Total brand continue to be strong.
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