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Centrum Broking Report
We attended FY22 annual general meeting for VST Industries Ltd. to understand its future plans. Chairman said, despite a challenging year, VST delivered good performance in FY22 with revenue/profit after tax growing at 6%/3%.
Importantly VST is committed to deliver long term sustainable growth through product innovation and not using cheap product quality to shore up volumes.
Its strategy revolves around,
expanding direct coverage – 1.1 million,
focus on premium brand positioning – launched demi-slim king size cigarette Total-T3 with finger-fresh technology in addition to Royale Twist, and
better trade visibility.
We note with enhanced consumer mobility in key states, resulting in improved out-of-home consumption. We expect VST to continue benefiting from value-for-money cigarette (Rs 8-10 price point) gaining further inroads to enhance its volume market share.
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