VST Industries reported strong numbers on operating & profitability fronts. Net revenue (net of excise duty for historical quarters and estimates) for the quarter declined marginally by 1.3% YoY to | 219.7 crore due to pressure on volume, against our estimate of | 256.4 crore. Revenue from unmanufactured tobacco remained flat on YoY basis at | 54 crores. Cigarette volumes were down ~1% for H1FY18; < 64 mm cigarettes contributed 54% to the revenue and rest was > 64 mm (Total contributed 15% and Edition less than 5%)...