On April 17, cigarette stocks rallied significantly after VST Industries reported a remarkable 120% year-on-year increase in net profit for the March quarter, amounting to ₹116.7 crore compared to ₹53 crore a year ago. The company's revenue surged 30.9% to ₹457 crore, with EBITDA climbing to ₹208 crore from ₹69.5 crore in the same period last year, resulting in an expanded EBITDA margin of 45.6%. VST's core cigarette business showed strong growth, with net cigarette revenue increasing to ₹1,151 crore from ₹921 crore. Following these strong results, VST Industries shares jumped by approximately 15%, while ITC and Godfrey Phillips India also saw gains of 1.5% and 4%, respectively. Managing Director Piyush Srivastava highlighted a recovery in volumes driven by an improved brand portfolio, although geopolitical instability in the Middle East has affected the unmanufactured tobacco segment. He warned that potential tax hikes could present challenges but emphasized the company's commitment to enhancing its brand portfolio and delivering value to stakeholders.