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Results
03-Aug-23
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Analysis
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V I P Industries
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OP down 21%
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V
I P Industries consolidated net sales increased 7.71% to Rs 636.13 crore in
Q1FY24 compared to Q1FY23. Operating
profit margin has declined from 17.37% to 12.67%, leading to 21.45% decline in
operating profit to Rs 80.60 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
36.42% to 30.24%. Purchase of finished
goods cost rose from 11.88% to 21.24%.
Employee cost decreased from 10.55% to 10.22%. Other expenses rose from 23.17% to
25.87%.
Other
income fell 62.55% to Rs 2.64 crore.
PBIDT fell 24.09% to Rs 83.24 crore.
Provision for interest rose 64.68% to Rs 10.77 crore.
PBDT
fell 29.72% to Rs 72.47 crore. Provision
for depreciation rose 15.87% to Rs 20.88 crore.
Profit
before EO was down 39.38% to Rs 51.59 crore.
The company reported EO income of Rs 25.78 crore compared to EO income
of Rs 15 crore. PBT after EO was down 23% to Rs 77.37 crore.
During the
current quarter ended June 30,2023, the Insurance company has accorded approval
of Rs 40.78 crore as full and final settlement against the claim lodged by the
company. Accordingly,during the current quarter ended June 30, 2023, the
company has recognised balance income of Rs 25.78 crore (after considering the
partial receipt of insurance claim of Rs 15.00 crore recognised during the
previous financial year) and the same has been disclosed above as Exceptional
Item in the consolidated financial results for the quarter ended June 30, 2023.
Provision
for tax was expense of Rs 19.62 crore, compared to Rs 31 crore. Effective tax rate was 25.36% compared to
30.97%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 16.43% to Rs
57.75 crore.
Promoters’
stake was 51.29% as of 30 June 2023 ,compared to 50.79% as of 30 June 2022
.
Full year results
analysis
Net
sales of V I P Industries have increased 61.48% to Rs 2082.32 crore. Operating profit margin has jumped from
11.20% to 15.07%, leading to 117.31% rise in operating profit to Rs 313.80
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 39.79% to 35.42%. Purchase of finished goods cost fell from
14.99% to 14.77%. Employee cost
decreased from 13.24% to 11.03%. Other
expenses rose from 21.85% to 24.07%.
Other
income fell 53.03% to Rs 17.08 crore.
PBIDT rose 83.05% to Rs 330.88 crore.
Provision for interest rose 15.58% to Rs 28.48 crore. Loan funds rose to Rs 352.26 crore as of 31
March 2023 from Rs 298.18 crore as of 31 March 2022. Inventories rose to Rs 587.11 crore as of 31
March 2023 from Rs 518.38 crore as of 31 March 2022. Sundry debtors were higher at Rs 255.37 crore
as of 31 March 2023 compared to Rs 218.51 crore as of 31 March 2022. Cash and bank balance rose to Rs 36.49 crore
as of 31 March 2023 from Rs 20.73 crore as of 31 March 2022. Investments declined from Rs 41.71 crore as
of 31 March 2022 to Rs 23.47 crore as of 31 March 2023.
PBDT
rose 93.70% to Rs 302.4 crore. Provision
for depreciation rose 5.29% to Rs 73.66 crore.
Fixed assets increased to Rs 322.39 crore as of 31 March 2023 from Rs
270.33 crore as of 31 March 2022.
Intangible assets increased from Rs 1.94 crore to Rs 2.10 crore.
Profit
before tax grew 165.48% to Rs 228.74 crore.
The company reported net EO expense of Rs 32.21 crore relating to a loss
of property, plant and equipment and inventories that were destroyed due to a
major fire at a plant of the Company`s subsidiary (VIP Industries Bangladesh
Private Limited) located in Bangladesh, on January 31st, 2023 and income of Rs
15 crore relating to a partial receipt of the insurance claim from the
insurance company against the claim lodged with reference to a loss of
property, plant and equipment and inventories that were destroyed due to a fire
at the Company regional warehouse at Ghaziabad on April 03, 2019 compared to
nil in the corresponding previous year period. PBT after EO was down 128% to Rs
196.53 crore.
Provision
for tax was expense of Rs 44.19 crore, compared to Rs 19.23 crore. Effective tax rate was 22.49% compared to
22.32%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 127.61% to Rs
152.34 crore.
Equity
capital increased from Rs 28.29 crore as of 31 March 2022 to Rs 28.33 crore as
of 31 March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 51.30% as of 31 March 2023 ,compared to 50.38% as of 31 March 2022
.
Cash
flow from operating activities has turned positive Rs 174.89 crore for year
ended March 2023 from negative Rs 23.68 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 106.94 crore, compared to Rs 36.46
crore during the year ended March 2022.
.The
scrip is currently trading at Rs 590
VIP
Industries: Consolidated Results
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2306 (03)
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2206 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Total Operating Income
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636.13
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590.61
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8
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2082.32
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1289.51
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61
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OPM(%)
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12.7%
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17.4%
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15.1%
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11.2%
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OP
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80.60
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102.61
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-21
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313.80
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144.40
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117
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Other Income
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2.64
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7.05
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-63
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17.08
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36.36
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-53
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PBIDT
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83.24
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109.66
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-24
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330.88
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180.76
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83
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Interest
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10.77
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6.54
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65
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28.48
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24.64
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16
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PBDT
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72.47
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103.12
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-30
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302.40
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156.12
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94
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Depreciation
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20.88
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18.02
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16
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73.66
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69.96
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5
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PBT Before EO
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51.59
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85.10
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-39
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228.74
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86.16
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165
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EO
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25.78
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15.00
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72
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-32.21
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0.00
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PBT after EO
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77.37
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100.10
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-23
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196.53
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86.16
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128
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Tax provision
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19.62
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31.00
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-37
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44.19
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19.23
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130
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PAT
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57.75
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69.10
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-16
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152.34
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66.93
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128
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EO (net of tax)
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0.00
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0.00
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0.00
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0.00
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PAT after EO
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57.75
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69.10
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-16
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152.34
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66.93
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128
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Minority Interest
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0.00
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0.00
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0.00
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0.00
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PAT after MI
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57.75
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69.10
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-16
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152.34
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66.93
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128
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EPS*
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#
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#
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12.5
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4.7
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* Annualized On Current Equity Of
Rs 28.33 Crore of face value of Rs 2 each
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EO: Extraordinary Items, PL:
Profit to Loss
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EPS Is Calculated After Excluding
EO And Relevant Tax
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# EPS not annualised due to
seasonality of business
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Figures In Rs Crore
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Source: Capitaline Database
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