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Results
23-Oct-22
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Analysis
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V I P Industries
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On a strong footing
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V
I P Industries consolidated net increased 55.95% to Rs 514.74 crore in Q2FY23
compared to Q2FY22. Operating profit margin has jumped from 12.66% to 13.91%,
leading to 71.28% rise in operating profit to Rs 71.58 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 39.05% to 34.77%. Purchase of finished goods cost rose from
13.29% to 14.36%. Employee cost decreased from 13.58% to 11.88%. Other expenses rose from 21.27% to 24.29%.
Other
income fell 21.78% to Rs 5.28 crore.
PBIDT rose 58.34% to Rs 76.86 crore.
Provision for interest rose 6.46% to Rs 6.92 crore.
PBDT
rose 66.37% to Rs 69.94 crore. Provision
for depreciation rose 2.80% to Rs 17.97 crore.
Profit
before tax grew 111.60% to Rs 51.97 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.57
crore, compared to Rs 6.02 crore.
Effective tax rate was 16.49% compared to 24.51%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 134.09% to Rs
43.40 crore.
The
company has witnessed a strong revival after two years of disruptions caused by
the Covid 19 pandemic and has infact entered a growth trajectory. The financial
results for the comparative period i.e. quarter and half year ended September
30, 2021 were impacted due to the lockdowns and disruptions caused by the
COVID-19 pandemic during the previous fiscal year.
Equity
capital increased from Rs 28.28 crore as of 30 September 2021 to Rs 28.32 crore
as of 30 September 2022. Per share face
Value remained same at Rs 2.00.
Promoters’
stake was 51.33% as of 30 September 2022 compared to 50.28% as of 30 September
2021 .
For year-to-date
(YTD) results analysis
Net
sales of V I P Industries have increased 106.12% to Rs 1105.35 crore. Operating profit margin has jumped from
10.21% to 15.76%, leading to 218.27% rise in operating profit to Rs 174.19
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 37.77% to 35.66%. Purchase of finished goods cost fell from
13.27% to 13.02%. Employee cost
decreased from 15.63% to 11.16%. Other
expenses rose from 23.04% to 23.68%.
Other
income fell 41.48% to Rs 12.33 crore.
PBIDT rose 146.07% to Rs 186.52 crore.
Provision for interest fell 2.82% to Rs 13.46 crore.
PBDT
rose 179.35% to Rs 173.06 crore.
Provision for depreciation rose 1.27% to Rs 35.99 crore.
Profit
before EO grew 419.01% to Rs 137.07 crore.
The company reported EO income of Rs 15 crore compared to nil EO items
during the quarter. PBT after EO was up 476% to Rs 152.07 crore. EO item
relates 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’s
regional warehouse at Ghaziabad on April 03, 2019. The company expects to
receive the balance claim in the near future.
Provision
for tax was expense of Rs 39.57 crore, compared to Rs 5.34 crore. Effective tax rate was 26.02% compared to
20.22%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 433.93% to Rs
112.50 crore.
Equity
capital increased from Rs 28.28 crore as of 30 September 2021 to Rs 28.32 crore
as of 30 September 2022. Per share face
Value remained same at Rs 2.00.
Promoters’
stake was 51.33% as of 30 September 2022 ,compared to 50.28% as of 30 September
2021 .
The
scrip is currently trading at Rs 708
VIP
Industries: Consolidated Results
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Total Operating Income
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514.74
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330.06
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56
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1105.35
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536.27
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106
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1289.51
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618.56
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108
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OPM(%)
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13.9%
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12.7%
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15.8%
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10.2%
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11.2%
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-10.6%
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OP
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71.58
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41.79
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71
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174.19
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54.73
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218
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144.40
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-65.27
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LP
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Other Income
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5.28
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6.75
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-22
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12.33
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21.07
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-41
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36.36
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48.35
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-25
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PBIDT
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76.86
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48.54
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58
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186.52
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75.80
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146
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180.76
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-16.92
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LP
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Interest
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6.92
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6.50
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6
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13.46
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13.85
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-3
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24.64
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29.75
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-17
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PBDT
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69.94
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42.04
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66
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173.06
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61.95
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179
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156.12
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-46.67
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LP
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Depreciation
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17.97
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17.48
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3
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35.99
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35.54
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1
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69.96
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77.94
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-10
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PBT Before EO
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51.97
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24.56
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112
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137.07
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26.41
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419
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86.16
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-124.61
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LP
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EO
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0.00
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0.00
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15.00
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0.00
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0.00
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0.00
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PBT after EO
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51.97
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24.56
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112
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152.07
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26.41
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476
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86.16
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-124.61
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LP
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Tax provision
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8.57
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6.02
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42
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39.57
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5.34
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641
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19.23
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-27.12
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PL
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PAT
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43.40
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18.54
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134
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112.50
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21.07
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434
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66.93
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-97.49
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LP
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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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43.40
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18.54
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134
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112.50
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21.07
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434
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66.93
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-97.49
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LP
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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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43.40
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18.54
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134
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112.50
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21.07
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434
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66.93
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-97.49
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LP
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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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4.7
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-6.9
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* Annualized On Current Equity Of
Rs 28.26 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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