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ICICI Direct Report
VST Industries Ltd. reported dismal set of numbers with approximately 13% decline in cigarette volumes given demand conditions still remained weak due to continue work from home culture.
Moreover, the company faced stiff competitive pressure with peers increasing trade discounts and schemes. Gross revenues witnessed a growth of 3.3% led by 18% increase in cigarettes sales.
The increase in sales was largely on account of price increase taken last year after the excise duty increase in budget and change in product mix. High priced cigarettes brands ‘Total’ (Rs seven per stick) and ‘Edition’ (Rs 11per stick) contributes 45% to volumes.
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