VST Industries Limited

October 24, 2024

The General Manager The Manager

Listing Department Listing Department
BSE Limited National Stock Exchange India Ltd.
Phiroze Jeejeebhoy Towers “Exchange Plaza”
Dalal Street, Fort Bandra Kurla Complex, Bandra (E)
Mumbai – 400 001 Mumbai – 400 051
STOCK CODE : 509966 STOCK SYMBOL : VSTIND

Dear Sir/Madam,

Sub : Unaudited Financial Results for the quarter and six months ended 30th
September, 2024
Pursuant to Regulation 33(3) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, we enclose herewith the statement containing the
unaudited financial results for the quarter and six months ended 30th September, 2024
which was considered and approved by the Board of Directors at their Meeting held
today. Also enclosed is the Limited Review Report of the Statutory Auditors.
The meeting of the Board of Directors commenced at 11.30 a.m. and concluded at
4.45 p.m.

We request you to take the above on record.

Thanking you,

Yours faithfully
For VST INDUSTRIES LIMITED
PHANI KUMAR Digitally signed by PHANI KUMAR
MANGIPUDI
MANGIPUDI Date: 2024.10.24 17:05:17 +05'30'

PHANI K. MANGIPUDI
Company Secretary and
Vice President-Legal & Secretarial

Encl : As above

Registered Office: Azamabad, Hyderabad – 500 020; Phone: 91-40-27688000; Fax:91-40-27615336;

CIN: L29150TG1930PLC000576; Email:corporate@vstind.com; website: www.vsthyd.com
B S R & Associates LLP Salarpuria Knowledge City, Orwell
B Wing, 6th Floor, Unit-3, Sy No. 83/1
Chartered Accountants Plot No. 02, Raidurg
Hyderabad – 500 081, India
Telephone + 91 407 182 2000
Fax + 91 407 182 2399

Limited Review Report on unaudited financial results of VST Industries Limited for
the quarter ended 30 September 2024 and year to date results for the period from
01 April 2024 to 30 September 2024 pursuant to Regulation 33 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended

To the Board of Directors of VST Industries Limited

1. We have reviewed the accompanying Statement of unaudited financial results of VST Industries
Limited (hereinafter referred to as “the Company”) for the quarter ended 30 September 2024 and
year to date results for the period from 01 April 2024 to 30 September 2024 (“the Statement”) (in
which are included interim financial information from VST ESOP trust).
2. This Statement, which is the responsibility of the Company’s management and approved by its
Board of Directors, has been prepared in accordance with the recognition and measurement
principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”),
prescribed under Section 133 of the Companies Act, 2013, and other accounting principles
generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(“Listing Regulations”). Our responsibility is to issue a report on the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent
Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with Standards on Auditing and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.
4. Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the accompanying Statement, prepared in accordance with the recognition and measurement
principles laid down in the aforesaid Indian Accounting Standard and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed in terms of
Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that
it contains any material misstatement.

For B S R & Associates LLP

Chartered Accountants

Firm’s Registration No.:116231W/W-100024

BALKISHAN Digitally signed by
BALKISHAN KABRA

KABRA Date: 2024.10.24 16:55:07

+05'30'
Balkishan Kabra
Partner
Novi, Michigan (USA) Membership No.: 221202
24 October 2024 UDIN:24221202BKFPLD4900

Registered Office:

B S R & Associates (a partnership firm with Registration No. BA69226) converted into B S R & 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Associates LLP (a Limited Liability Partnership with LLP Registration No. AAB-8182) with effect from Center, Western Express Highway, Goregaon (East), Mumbai - 400063
October 14, 2013
 VST Industries Limited
Regd Office: Azamabad, Hyderabad - 500 020.
Phone: 91-40-27688000, Fax: 91-40 - 27615336
CIN:L29150TG1930PLC000576, Email: corporate@vstind.com, Website: www.vsthyd.com
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2024
( ₹ in Lakhs)
3 months Preceding Corresponding Year to date Year to date Previous year
ended 3 months 3 months figures for the figures for the ended
Sl. No. PARTICULARS
ended ended current period previous period
ended ended
30-09-2024 30-06-2024 30-09-2023 30-09-2024 30-09-2023 31-03-2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Col.1 Col.2 Col.3 Col.4 Col.5 Col.6 Col.7 Col.8
1. Revenue from Operations
(a) Gross Sales 45996 42315 45081 88311 89150 183423
(b) Other Operating Income 108 71 144 179 160 327
Total Revenue from Operations (Gross) 46104 42386 45225 88490 89310 183750
2. Other Income 801 908 2928 1709 4135 7960
3. Total Income (1+2) 46905 43294 48153 90199 93445 191710
4. Expenses:
(a) Cost of Materials consumed 20159 15711 19860 35870 36520 78415
(b) Changes in inventories of finished goods and work-in -progress 401 1109 (901) 1510 (1578) (2931)
(c) Excise duty 10101 10253 10271 20354 21027 41703
(d) Employee benefits expense 3410 3623 3206 7033 6232 12996
(e) Depreciation and amortisation expense 1094 1008 907 2102 1715 3811
(f) Other expenses 5272 4362 4898 9634 8683 18247
Total Expenses 40437 36066 38241 76503 72599 152241
5. Profit before Tax (3 - 4) 6468 7228 9912 13696 20846 39469
6. Tax Expense
(a) Current tax 1956 1861 2563 3817 5338 9014
(b) Deferred tax (244) 9 (246) (235) (457) 298
Total Tax Expenses 1712 1870 2317 3582 4881 9312
7. Profit after Tax Expense (5 - 6) 4756 5358 7595 10114 15965 30157
8. Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss 38 48 (18) 86 122
(ii) Income tax relating to items that will not be reclassified to profit or loss (13) (22) 2 (35) (14)
B (i) Items that will be reclassified to profit or loss (15) 9 (51) (6) (18) (5)
(ii) Income tax relating to items that will be reclassified to profit or loss 4 (2) 12 2 4 1
Total Other Comprehensive Income 14 33 (55) 47 (14) 104
9. Total Comprehensive Income (7+8) 4770 5391 7540 10161 15951 30261
10. Paid-up Equity Share Capital (Face Value of ₹ 10 per Share) - refer note 5 16986 1544 1544 16986 1544 1544
11. Other Equity 123698
12. Earnings per Share (EPS) (of ₹ 10/- each) (not annualised) - refer note 5
- Basic and diluted EPS 2.80 3.15 4.47 5.95 9.40 17.75
Notes:
1. The above mentioned results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 24th October, 2024.

2. The State Governments introduce amenesty schemes from time to time to settle disputed local tax matters by paying part of the tax amount. Accordingly, the Company opted and settled one such
demand and consequently an amount of Rs. Nil (corresponding quarter and half year ended 30th September 2023: Rs.1858 lakhs) was written back and disclosed under head “Other Income” in the
above financial results.

3. The Company does not have any subsidiary company including an associate and joint venture. Accordingly, preparation of a consolidated financial statements are not applicable.

4. The financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 read with relevant rules
issued thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular dated 5th July, 2016.

5. During the quarter ended 30th September, 2024, the Company had issued and alloted 15,44,19,200 ordinary shares of ₹ 10/- each, as fully paid up Bonus shares in the proportion of 10 equity share
of ₹10 each for every 1 existing ordinary share of ₹10 each. Accordingly, the Earnings Per Share (EPS) has been restated for all the periods.

6. Limited Review of the above mentioned results as per Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the Statutory
Auditor, who has issued an unqualified review report.

7. The Company has a single operating segment viz. “tobacco and related products”, and accordingly, reviews business performance at an overall Company level. Therefore, the disclosure as per Ind
AS 108 - 'Operating Segments' is not applicable.

ADITYAD Digitally signed

by ADITYADEB
EB GOOPTU
Date: 2024.10.24
GOOPTU 16:46:28 +05'30'
8. Balance Sheet (₹ in Lakhs)
As at current As at previous
half year end year end
Particulars
30-09-2024 31-03-2024
(Unaudited) (Audited)
A. ASSETS
1. Non - Current Assets
(a) Property, Plant and Equipment 30400 26820
(b) Capital Work-in-Progress 765 4696
(c) Intangible Assets 7 8
(d) Financial Assets
(i) Investments 20019 20011
(ii) Loans 3 4
(e) Deferred Tax Assets (net) 1706 1504
(f) Other Non-Current Assets 162 145
Total Non - Current Assets 53062 53188
2. Current Assets
(a) Inventories 58168 45499
(b) Financial Assets
(i) Investments 7989 24702
(ii) Trade Receivables 5211 4640
(iii) Cash and Cash Equivalents 2534 2439
(iv) Other Bank Balances 1178 1077
(v) Loans 1
(vi) Other Financial Assets 267 281
(c) Other Current Assets 4542 5309
79889 83948
(d) Asset Held for Sale 34873 34873
Total Current Assets 114762 118821

TOTAL - ASSETS 167824 172009

B. EQUITY AND LIABILITIES

1. Equity
(a) Equity Share capital (refer note 5) 16986 1544
(b) Other Equity 96311 123698
Total Equity 113297 125242
2. Liabilities
Non - Current Liabilities
(a) Provisions 2409 2164
Total Non - Current Liabilities 2409 2164
Current Liabilities
(a) Financial Liabilities
(i) Trade Payables
- Total outstanding dues of micro enterprises and
small enterprises 1322 1233
- Total outstanding dues of creditors other than micro
enterprises and small enterprises 12277 10597
(ii) Other Financial Liabilities 4694 4821
(b) Other Current Liabilities 31346 25954
(c) Current Tax Liabilities (net) 2479 1998
Total Current Liabilities 52118 44603

TOTAL - EQUITY AND LIABILITIES 167824 172009

ADITYAD Digitally signed

by ADITYADEB
EB GOOPTU
Date: 2024.10.24
GOOPTU 16:46:49 +05'30'
 9. Statement of Cash Flows (₹ in Lakhs)
For the current For the previous
half year ended half year ended
30-09-2024 30-09-2023
(Unaudited) (Unaudited)
A Cash Flow from Operating Activities
Profit Before Tax 13696 20846
Adjustments:
Depreciation and Amortisation Expense 2102 1715
Gain on sale of Property, Plant and Equipment (Net) (46)
Liabilities/Provision no Longer Required Written Back - (1858)
Share Based Payment to Employees 270 44
Unrealised (Gain)/Loss on Exchange (Net) 60 (19)
Interest Income (647) (648)
Dividend Income (4) (4)
Net gain arising on Current Investments measured at fair value
through profit and loss (901) (1523)
Operating Profit before Working Capital Changes 14530 18553
Adjustments for Movement in Working Capital:
Inventories (12669) (9406)
Trade Receivables (594) 420
Advances and Other Assets 751 (267)
Trade Payables 1768 4377
Other Liabilities and Provisions 5737 7181
Cash generated from Operations 9523 20858
Income Taxes Paid (Net) (3336) (4428)
Net cash generated from Operating Activities 6187 16430

B Cash Flow from Investing Activities

Purchase of Property, Plant and Equipment, Intangibles,etc (2375) (4614)
Sale of Property, Plant and Equipment 50
Purchase of Current Investments (131249) (136778)
Sale/ Redemption of Current Investments 148862 149395
Dividend Income from Non-Current Investments 4 4
Interest Realised 734 727
Loans Realised 2
Net cash generated from Investing Activities 16028 8734

C Cash Flow from Financing Activities

Dividends (including tax thereon, if any) paid on equity shares (23077) (23077)
Investment /(sale) in treasury shares by VST ESOP Trust 957 -
Net cash used in Financing Activities (22120) (23077)
Net change in cash and cash equivalents 95 2087
Opening cash and cash equivalents 2439 882
Closing cash and cash equivalents 2534 2969

The above Statement of Cash Flow has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash Flows'

BY ORDER OF THE BOARD

VST INDUSTRIES LIMITED
ADITYADEB Digitally signed by
ADITYADEB GOOPTU

GOOPTU Date: 2024.10.24 16:47:01

+05'30'
ADITYA DEB GOOPTU
Place: Hyderabad MANAGING DIRECTOR
Date: 24th October, 2024 DIN: 07849104