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ICICI Direct Report
VST Industries Ltd. posted revenue growth of 9.4% but, net of excise, topline fell 4.6%.
Cigarette sales witnessed growth of 12% to Rs 347.4 crore with flattish year-on-year volumes.
However, on a sequential basis, cigarettes volumes grew 15% during the quarter.
Tobacco sales declined 45.3% to Rs 35 crore on account of adverse exports due to the non-availability of containers.
The company has not taken a price increase in last nine months and does not intend to make any price changes in the next six months.
High priced cigarettes (at a price point of Rs 6, Rs 7, Rs 11) contribute ~45% of total volumes.
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