Illicit trade in 5 key industries reaches Rs 7.97 lakh crore, time to instil fear: Centre
Textiles and apparel alone had an illicit market size of Rs 4,03,915 crore in 2022-23, accounting for over 50 per cent of the total illicit market.
Tobacco and cigarette manufacturer VST Industries registered a 22 per cent growth in sales and logged 15.4 per cent growth in net profit in the quarter ended September 30, 2022.
The operating margin of the company stood at 21.1 per cent despite inflationary pressures that increased overall expenses considerably.
The earnings per share (EPS) for the quarter under review stood at Rs 59.7 as against Rs 51.7 for the corresponding quarter of the previous fiscal, marking a growth of 15.4 per cent.
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VST Industries also improved its turnover on a sequential basis. In Q2 FY23, the total turnover was Rs 439 crore as against Rs 401 crore in Q1 FY23.
This performance indicates that the recovery momentum that was generated in the previous quarter is sustained and is likely to gain pace in the next quarter.
“VST Industries has registered growth in the top-line as well as the bottom line in a seasonally weak quarter that has impacted sales of many consumer-facing firms. Continued retail inflation seems to have impacted consumer demand, but we remained firm on a growth trajectory due to vibrant portfolio of brands,” said Aditya Deb Gooptu, Managing Director, VST Industries Limited.
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