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Results
01-Nov-23
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Analysis
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V I P Industries
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Sales up 6%, OP down 26%
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Consolidated
net sales (including other operating income) of V I P Industries has increased
6.09% to Rs 546.09 crore.
Operating
profit margin has declined from 13.91% to 9.68%, leading to 26.12% decline in
operating profit to Rs 52.88 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
34.77% to 34.80%. Purchase of finished
goods cost fell from 14.36% to 13.07%.
Employee cost decreased from 11.88% to 11.38%. Other expenses rose from 24.29% to
31.65%.
Other
income fell 51.33% to Rs 2.57 crore.
PBIDT fell 27.86% to Rs 55.45 crore.
Provision for interest rose 78.61% to Rs 12.36 crore.
PBDT
fell 38.39% to Rs 43.09 crore. Provision
for depreciation rose 32.55% to Rs 23.82 crore.
Profit
before tax down 62.92% to Rs 19.27 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 5.99 crore,
compared to Rs 8.57 crore. Effective tax
rate was 31.08% compared to 16.49%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 69.40% to Rs
13.28 crore.
Equity
capital increased from Rs 28.32 crore as of 30 September 2022 to Rs 28.38 crore
as of 30 September 2023. Per share face
Value remained same at Rs 2.00.
Promoters’
stake was 51.22% as of 30 September 2023 ,compared to 51.33% as of 30 September
2022 .
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of V I P Industries has increased
6.95% to Rs 1182.22 crore.
Operating
profit margin has declined from 15.76% to 11.29%, leading to 23.37% decline in
operating profit to Rs 133.48 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
35.66% to 32.39%. Purchase of finished
goods cost rose from 13.02% to 17.38%.
Employee cost decreased from 11.16% to 10.77%. Other expenses rose from 23.68% to
28.61%.
Other
income fell 57.75% to Rs 5.21 crore.
PBIDT fell 25.64% to Rs 138.69 crore.
Provision for interest rose 71.84% to Rs 23.13 crore. Loan funds rose to Rs 529.40 crore as of 30
September 2023 from Rs 295.37 crore as of 30 September 2022. Inventories rose to Rs 763.45 crore as of 30
September 2023 from Rs 493.15 crore as of 30 September 2022. Sundry debtors were higher at Rs 343.82 crore
as of 30 September 2023 compared to Rs 315.71 crore as of 30 September 2022. Cash and bank balance rose to Rs 39.28 crore
as of 30 September 2023 from Rs 35.18 crore as of 30 September 2022. Investments declined from Rs 26.81 crore as
of 30 September 2022 to Rs 3.20 crore as of 30 September 2023.
PBDT
fell 33.23% to Rs 115.56 crore.
Provision for depreciation rose 24.20% to Rs 44.7 crore. Fixed assets increased to Rs 450.92 crore as
of 30 September 2023 from Rs 266.56 crore as of 30 September 2022. Intangible assets increased from Rs 2.07 crore
to Rs 2.24 crore.
Profit
before EO was down 48% to Rs 70.86 crore.
The company reported EO income of Rs 25.78 crore compared to EO income
of Rs 15 crore. PBT after EO was down 36% to Rs 96.64 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 period ended September 30,
2023.
Provision
for tax was expense of Rs 25.61 crore, compared to Rs 39.57 crore. Effective tax rate was 26.50% compared to
26.02%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 36.86% to Rs
71.03 crore.
Equity
capital increased from Rs 28.32 crore as of 30 September 2022 to Rs 28.38 crore
as of 30 September 2023. Per share face
Value remained same at Rs 2.00.
Promoters’
stake was 51.22% as of 30 September 2023 ,compared to 51.33% as of 30 September
2022 .
Cash
flow from operating activities decreased to Rs 9.30 crore for YTD ended
September 2023 from Rs 52.81 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets
during the YTD ended September 2023 stood at Rs 58.82 crore, compared to Rs
35.71 crore during the YTD ended September 2022.
The
scrip is currently trading at Rs 608
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VIP
Industries: Consolidated Results
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2309 (03)
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2209 (03)
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Var.(%)
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2309 (06)
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2209 (06)
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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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546.09
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514.74
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6
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1182.22
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1105.35
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7
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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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9.7%
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13.9%
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11.3%
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15.8%
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15.1%
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11.2%
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OP
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52.88
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71.58
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-26
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133.48
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174.19
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-23
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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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2.57
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5.28
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-51
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5.21
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12.33
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-58
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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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55.45
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76.86
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-28
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138.69
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186.52
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-26
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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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12.36
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6.92
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79
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23.13
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13.46
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72
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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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43.09
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69.94
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-38
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115.56
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173.06
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-33
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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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23.82
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17.97
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33
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44.70
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35.99
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24
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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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19.27
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51.97
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-63
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70.86
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137.07
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-48
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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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0.00
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0.00
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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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19.27
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51.97
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-63
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96.64
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152.07
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-36
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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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5.99
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8.57
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-30
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25.61
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39.57
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-35
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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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13.28
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43.40
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-69
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71.03
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112.50
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-37
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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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0.00
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0.00
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PAT after EO
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13.28
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43.40
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-69
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71.03
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112.50
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-37
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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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0.00
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0.00
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PAT after MI
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13.28
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43.40
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-69
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71.03
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112.50
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-37
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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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#
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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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