Capitaline

Results 02-Feb-22

Analysis

V I P Industries

Robust recovery

V I P Industries consolidated net sales increased 70.88% to Rs 397.34 crore in Q3FY22 compared to Q3FY21. Operating profit margin has jumped from 3.50% to 14.38%, leading to 602.09% rise in operating profit to Rs 57.15 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 30.63% to 38.48%. Purchase of finished goods cost rose from 1.73% to 13.74%. Employee cost decreased from 23.22% to 12.26%. Other expenses fell from 38.26% to 21.47%.

Other income fell 7.93% to Rs 9.4 crore. PBIDT rose 262.67% to Rs 66.55 crore. Provision for interest fell 33.50% to Rs 5.42 crore.

PBDT rose 499.31% to Rs 61.13 crore. Provision for depreciation fell 4.34% to Rs 17.42 crore.

Profit before tax reported profit of Rs 43.71 crore compared to loss of Rs 8.01 crore. Provision for tax was debit of Rs 10.24 crore, compared to credit of Rs 1.01 crore. Net profit reported was Rs 33.47 crore compared to loss of Rs 7 crore.

The company`s operations and financial results for the quarter and nine months ended December 31, 2021 have seen signs of a robust recovery with the receding impact of the COVID 19 pandemic. The early part of the first quarter ended June 30, 2021 was adversely impacted due to the temporary slowdown caused by fresh restrictions that were imposed due to the surge in COVID-19.

The travel industry has been amongst the most affected segments in the economy since the outbreak of COVID 19. The company has been closely monitoring the changes in the economic conditions and its possible impact on its business. The company is looking forward to a positive economic growth in the industry and has fully resumed operations across all locations including manufacturing plants and its supply chain functions.

Promoters’ stake was 50.27% as of 31 December 2021 compared to 53.46% as of 31 December 2020.

For year-to-date (YTD) results analysis

Net sales of V I P Industries have increased 148.59% to Rs 933.61 crore. Operating profit margin (OPM) has turned from negative 18.29% to positive 11.98%, Operating profit for the quarter stood at Rs 111.82 crore compared to loss of Rs 68.68 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 28.65% to 38.14%. Purchase of finished goods cost rose from 2.39% to 13.41%. Employee cost decreased from 46.80% to 14.17%. Other expenses fell from 54.58% to 22.37%.

Other income fell 5.36% to Rs 30.53 crore. PBIDT stood at Rs 142.35 crore compared to loss of Rs 36.42 crore. Provision for interest fell 14.32% to Rs 19.27 crore.

PBDT stood at Rs 123.08 crore compared to loss of Rs 58.91 crore. Provision for depreciation fell 11.70% to Rs 52.96 crore.

Profit before tax reported profit of Rs 70.12 crore compared to loss of Rs 118.89 crore. Provision for tax was debit of Rs 15.58 crore, compared to credit of Rs 25.18 crore. Net profit reported was Rs 54.54 crore compared to loss of Rs 93.71 crore

Promoters’ stake was 50.27% as of 31 December 2021 compared to 53.46% as of 31 December 2020.

The scrip is currently trading at Rs 601

VIP Industries: Consolidated Results
	2112 (03)	2012 (03)	Var.(%)	2112 (09)	2012 (09)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Total Operating Income	397.34	232.53	71	933.61	375.56	149	618.56	1714.35	-64
OPM(%)	14.4%	3.5%		12.0%	-18.3%		-10.6%	17.2%
OP	57.15	8.14	602	111.82	-68.68	LP	-65.27	294.22	-122
Other Income	9.40	10.21	-8	30.53	32.26	-5	48.35	12.50	287
PBIDT	66.55	18.35	263	142.35	-36.42	LP	-16.92	306.72	-106
Interest	5.42	8.15	-33	19.27	22.49	-14	29.75	23.00	999
PBDT	61.13	10.20	499	123.08	-58.91	LP	-46.67	283.72	-116
Depreciation	17.42	18.21	-4	52.96	59.98	-12	77.94	86.81	-10
PBT Before EO	43.71	-8.01	LP	70.12	-118.89	LP	-124.61	196.91	-163
EO	0.00	0.00		0.00	0.00		0.00	-48.50
PBT after EO	43.71	-8.01	LP	70.12	-118.89	LP	-124.61	148.41	-184
Tax provision	10.24	-1.01	PL	15.58	-25.18	PL	-27.12	36.68	-174
PAT	33.47	-7.00	LP	54.54	-93.71	LP	-97.49	111.73	-187
EO (net of tax)	0.00	0.00		0.00	0.00		0.00	0.00
PAT after EO	33.47	-7.00	LP	54.54	-93.71	LP	-97.49	111.73	-187
Minority Interest	0.00	0.00		0.00	0.00		0.00	0.00
PAT after MI	33.47	-7.00	LP	54.54	-93.71	LP	-97.49	111.73	-187
EPS*	#	#		#	#		-6.9	10.5
* Annualized On Current Equity Of Rs 28.26 Crore of face value of Rs 2 each
EO: Extraordinary Items, PL: Profit to Loss
EPS Is Calculated After Excluding EO And Relevant Tax
# EPS not annualised due to seasonality of business
Figures In Rs Crore
Source: Capitaline Database

Previous News

V I P Industries consolidated net profit declines 69.40% in the September 2023 quarter
( Results - Announcements 31-Oct-23 15:54 )

Nifty slides below 22,000; European Mkt opens higher
( Market Commentary - Mid-Session 13-May-24 13:39 )

VIP Inds slips after dismal Q4 performance
( Hot Pursuit - 09-May-23 10:49 )

Volumes jump at EIH Ltd counter
( Hot Pursuit - 07-Aug-24 11:00 )

VIP Inds slides after net loss widens in Q4 FY24
( Hot Pursuit - 13-May-24 12:07 )

Board of V I P Industries appoints CFO
( Corporate News - 14-Feb-24 19:06 )

VIP Industries
( Analyst Meet / AGM - Conference Call 18-May-22 05:00 )

V I P Industries to allot NCDs aggregating Rs 100 cr
( Corporate News - 30-Jul-20 15:06 )

V I P Industries allots 8481 equity shares under Employees Stock Appreciation Rights Plan
( Corporate News - 03-Jan-23 17:16 )

V I P Industries Ltd Slides 0.59%
( Hot Pursuit - 01-Jan-21 09:45 )

V I P Industries net profit rises 188.57% in the December 2013 quarter
( Results - Announcements 29-Jan-14 08:17 )