Mumbai, May 16 -- The agency has reaffirmed its 'Crisil A1+' rating on the short-term bank facility of the company.

Crisil Ratings stated that the ratings continue to reflect the strong financial risk profile and established market position of VST. These strengths are partially offset by its small market share, regional concentration in revenue, moderation in operating profitability and susceptibility to regulatory changes in the tobacco industry.

Revenues (net of excise) for fiscal 2025 remained flat at Rs 1398 crores as against Rs 1402 crores in fiscal 2024 driven by higher demand for unmanufactured tobacco amid global tobacco shortage. Cigarette sales have degrown (64% of overall revenues) owing to decline in demand for low priced ci...