VST Industries reported standalone net profit of ₹41.04 crore ($4.7 million) for the quarter ended Sept. 30, down 30.7% from ₹59.21 crore ($6.8 million) a year earlier. Revenue from operations increased to ₹844.06 crore ($96.7 million) from ₹450.37 crore ($51.6 million), while total income rose to ₹864.94 crore ($99.1 million) from ₹462.32 crore ($53 million). Total expenses increased to ₹811.64 crore ($93 million) from ₹383.91 crore ($44 million), and earnings per share fell to ₹2.41 from ₹3.49.
The company said changes to India’s indirect taxes on cigarettes, effective Feb. 1, including the elimination of compensation cess and increases in GST and excise duty, make the current-quarter and six-month results not directly comparable with prior periods. The board approved the unaudited results on Oct. 28.