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VST Industries Ltd.’s Q4 FY21 results were below our estimates, revenue declined 4.6% to Rs 2.8 billion, driven by 3% decline in volumes.
Further, rising share from ‘Total’ priced at Rs 7 resulted in gross margin expansion to 56.3% (up 430 basis points).
Ebitda margin expanded to 34.8% (up 337 basis points) year-on-year driven by tight cost control on operational expenses.
Nevertheless, management sounded challenging market conditions ahead due to intermittent lockdowns in its key states resulting in restricted mobility and lower out-of-home consumption.
Further leaf tobacco export declined ~15% due to lower demand driven by currency movement.
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