VST Industries Q2 net slips 18%

Net income from operations in the quarter stood at Rs 176.2 cr, vs Rs 168.1 cr on year, reflecting a 4.8% growth

Hyderabad-based VST Industries Limited, the maker of cigarette brands such as Charms and Charminar, reported a 17.83 per cent decline in net profit to Rs 27.60 crore for the quarter ended September 2010, as compared with Rs 33.59 crore in the corresponding quarter last year.

Net income from operations during the quarter stood at Rs 176.19 crore, as against Rs 168.14 crore in the same period a year ago, reflecting a 4.79 growth of per cent.

Total expense rose 9.80 per cent to Rs 138.21 crore for the quarter, as compared to Rs 125.87 crore in the same quarter last year, the company said in a release today.

Earlier this month, ITC has sold 1.46 per cent of its holdings in VST Industries, a total of 2.25 lakh shares from for Rs 1749.54 a piece putting the total deal size at Rs 40 crore.