VST Industries Ltd

₹ 314 -1.41%

21 Nov - close price

About

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)

Key Points

Leading Cigarette Manufacturer
The Vazir Sultan Tobacco Company Limited, incorporated in 1930, holds the position of the third-largest player in the domestic market with a market share of ~10%. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 5,328 Cr.
Current Price ₹ 314
High / Low ₹ 487 / 292
Stock P/E 21.9
Book Value ₹ 66.7
Dividend Yield 4.35 %
ROCE 32.2 %
ROE 24.6 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 4.35%.
Company has a good return on equity (ROE) track record: 3 Years ROE 28.2%
Company has been maintaining a healthy dividend payout of 71.7%

Cons

The company has delivered a poor sales growth of 5.27% over past five years.
Promoter holding is low: 32.2%
Working capital days have increased from 24.0 days to 118 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tobacco Products Industry: Cigarettes

Part of BSE Allcap Nifty Total Market BSE SmallCap BSE Fast Moving Consumer Goods Nifty Microcap 250

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	272	329	303	301	344	346	302	333	350	363	375	321	360
	167	220	196	188	251	251	220	228	271	290	278	248	292
Operating Profit	104	109	106	113	93	95	82	105	79	72	97	73	68
OPM %	38%	33%	35%	38%	27%	27%	27%	32%	23%	20%	26%	23%	19%
	10	10	17	11	33	16	16	12	29	9	30	9	8
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	7	8	9	7	7	7	8	8	9	10	11	10	11
Profit before tax	107	111	115	117	119	103	90	109	99	71	115	72	65
Tax %	26%	25%	24%	26%	22%	24%	23%	23%	23%	24%	23%	26%	26%
	80	83	87	87	92	79	69	84	76	54	88	54	48
EPS in Rs	4.70	4.87	5.13	5.13	5.42	4.65	4.04	4.93	4.47	3.16	5.19	3.15	2.80
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	669	789	836	883	922	948	1,099	1,239	1,111	1,178	1,292	1,420	1,419
	488	571	594	646	675	654	746	825	700	767	910	1,067	1,109
Operating Profit	180	218	243	237	248	294	353	415	411	412	383	353	310
OPM %	27%	28%	29%	27%	27%	31%	32%	33%	37%	35%	30%	25%	22%
	26	32	18	20	20	25	39	47	42	47	76	80	55
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	22	27	32	31	37	39	41	42	35	30	30	38	42
Profit before tax	184	224	229	227	231	279	351	420	417	428	429	395	323
Tax %	31%	33%	33%	32%	34%	35%	35%	28%	26%	25%	24%	24%
	126	150	152	153	152	182	227	304	311	320	327	302	243
EPS in Rs	7.43	8.84	8.96	9.01	8.92	10.71	13.35	17.90	18.29	18.85	19.25	17.75	14.30
Dividend Payout %	76%	72%	71%	71%	76%	66%	65%	52%	57%	68%	71%	77%

Compounded Sales Growth
10 Years:	6%
5 Years:	5%
3 Years:	9%
TTM:	7%

Compounded Profit Growth
10 Years:	7%
5 Years:	6%
3 Years:	-1%
TTM:	-21%

Stock Price CAGR
10 Years:	6%
5 Years:	-5%
3 Years:	2%
1 Year:	6%

Return on Equity
10 Years:	33%
5 Years:	32%
3 Years:	28%
Last Year:	25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	170
Reserves	289	313	331	355	524	567	649	772	925	1,059	1,164	1,237	963
	0	0	0	0	0	0	0	0	0	0	0	0	0
	439	427	479	457	259	482	541	610	545	516	474	468	545
Total Liabilities	744	755	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,678
	175	209	198	174	220	195	213	187	173	195	590	268	304
CWIP	0	0	0	41	1	34	0	13	33	10	0	47	8
Investments	199	181	171	162	174	416	575	753	887	971	577	447	280
	370	365	457	450	403	419	416	444	393	415	486	958	1,086
Total Assets	744	755	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,678

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	118	130	118	132	146	420	290	331	286	277	181	167
	9	-18	3	-24	-18	-264	-148	-155	-144	-96	47	79
	-117	-113	-126	-130	-130	-139	-144	-177	-159	-187	-224	-231
Net Cash Flow	10	-1	-6	-22	-2	17	-2	-0	-17	-5	5	16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	13	4	5	5	5	11	5	5	5	10	12	12
Inventory Days	288	255	336	316	257	196	187	182	226	210	205	220
Days Payable	62	48	71	54	44	45	55	87	84	74	57	57
Cash Conversion Cycle	239	211	270	267	218	162	137	99	148	147	161	175
Working Capital Days	-74	-54	-32	-18	43	-44	-58	-63	-58	-42	-4	118
ROCE %	58%	69%	65%	58%	51%	50%	56%	58%	48%	42%	38%	32%

Shareholding Pattern

Numbers in percentages

27 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%
	1.81%	1.75%	1.84%	1.69%	1.86%	1.64%	1.55%	1.40%	1.39%	1.37%	1.83%	1.82%
	16.28%	16.59%	16.62%	16.64%	16.62%	16.87%	17.24%	17.54%	17.52%	15.69%	12.64%	9.07%
	49.55%	49.29%	49.01%	49.14%	49.00%	48.96%	48.69%	48.53%	48.57%	50.42%	53.00%	56.77%
	0.20%	0.20%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.19%
No. of Shareholders	33,361	33,441	33,289	32,988	32,588	32,002	31,258	30,431	31,073	32,868	34,355	1,05,832

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%	32.16%
	9.74%	9.50%	8.87%	5.47%	2.80%	1.75%	1.64%	1.37%	1.82%
	14.36%	14.99%	17.88%	15.53%	17.54%	16.59%	16.87%	15.69%	9.07%
	43.74%	43.35%	41.09%	46.84%	47.50%	49.29%	48.96%	50.42%	56.77%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.37%	0.37%	0.19%
No. of Shareholders	13,569	13,748	14,638	16,000	24,186	33,441	32,002	32,868	1,05,832

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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VST Industries Ltd

VST Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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