ICICI Direct's research report on VST Industries
VST Industries (VST) is cigarette company in India, involved in manufacturing, marketing cigarettes & trading of unmanufactured tobacco. The company has two cigarettes manufacturing facilities in Hyderabad. It has five major brands, which includes, ‘Total’, ‘Charms’, ‘Moment’, ‘Special’, and ‘Edition’ and a direct distribution reach of over 1.1 million outlets.
Outlook
We slightly change our numbers for VST Industries. However, premium cigarettes need to gain traction to re-capture market share • We maintain our HOLD rating on the stock. We revise our target price to Rs 3725 valuing the business at 15x FY24 earnings.
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