The Economic Times

Indian cigarette makers ITC, Godfrey Phillips, VST Industries see revenue and profit decline after tax hike

Leading Indian cigarette firms reported revenue and profit declines in the recent quarter. This downturn followed significant government tax increases on tobacco products. ITC, Godfrey Phillips India, and VST Industries experienced reduced sales volumes. Companies adjusted pricing strategies to mitigate the impact of the new tax regime. The revised tax structure has placed considerable pressure on the industry.