Capitaline

Results 16-May-22

Analysis

V I P Industries

Sales up 46%

V I P Industries consolidated net sales increased 46.46% to Rs 355.9 crore in Q4FY22 compared to Q4FY21. Operating profit margin has jumped from 1.32% to 9.15%, leading to 918.13% rise in operating profit to Rs 32.58 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.97% to 42.96%. Purchase of finished goods cost rose from 16.04% to 18.04%. Employee cost decreased from 15.19% to 11.45%. Other expenses fell from 25.53% to 20.85%.

Other income fell 64.23% to Rs 5.83 crore. PBIDT rose 96.97% to Rs 38.41 crore. Provision for interest fell 26.03% to Rs 5.37 crore.

PBDT rose 169.93% to Rs 33.04 crore. Provision for depreciation fell 5.35% to Rs 17 crore. Profit before tax reported profit of Rs 16.04 crore compared to loss of Rs 5.72 crore. Provision for tax was debit of Rs 3.65 crore, compared to credit of Rs 1.94 crore. Net profit reported was Rs 12.39 crore compared to loss of Rs 3.78 crore.

Equity capital increased from Rs 28.26 crore as of 31 March 2021 to Rs 28.29 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 50.38% as of 31 March 2022 compared to 53.46% as of 31 March 2021.

Full year results analysis

Net sales of V I P Industries have increased 108.47% to Rs 1289.51 crore. Operating profit margin (OPM) has turned from negative 10.55% to positive 11.20%, Operating profit for the quarter stood at Rs 144.40 crore compared to loss of Rs 65.27 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 35.81% to 39.79%. Purchase of finished goods cost rose from 9.91% to 14.99%. Employee cost decreased from 29.59% to 13.24%. Other expenses fell from 38.72% to 21.85%.

Other income fell 24.80% to Rs 36.36 crore. PBIDT stood at Rs 180.76 crore compared to loss of Rs 16.92 crore. Provision for interest fell 17.18% to Rs 24.64 crore. Loan funds declined from Rs 353.44 crore as of 31 March 2021 to Rs 298.18 crore as of 31 March 2022. Inventories rose to Rs 518.38 crore as of 31 March 2022 from Rs 301.65 crore as of 31 March 2021. Sundry debtors were higher at Rs 218.51 crore as of 31 March 2022 compared to Rs 148.47 crore as of 31 March 2021. Cash and bank balance declined from Rs 90.50 crore as of 31 March 2021 to Rs 20.73 crore as of 31 March 2022. Investments declined from Rs 140.98 crore as of 31 March 2021 to Rs 41.71 crore as of 31 March 2022.

PBDT stood at Rs 156.12 crore compared to loss of Rs 46.67 crore. Provision for depreciation fell 10.24% to Rs 69.96 crore. Fixed assets declined from Rs 287.95 crore as of 31 March 2021 to Rs 270.33 crore as of 31 March 2022. Intangible assets declined from Rs 2.53 crore to Rs 1.94 crore.

Profit before tax reported profit of Rs 86.16 crore compared to loss of Rs 124.61 crore. Provision for tax was debit of Rs 19.23 crore, compared to credit of Rs 27.12 crore. Net profit reported was Rs 66.93 crore compared to loss of Rs 97.49 crore.

Equity capital increased from Rs 28.26 crore as of 31 March 2021 to Rs 28.29 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 50.38% as of 31 March 2022 ,compared to 53.46% as of 31 March 2021 .

Cash flow from operating activities has turned negative Rs 23.68 crore for year ended March 2022 from positive Rs 17.04 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 36.46 crore compared to Rs 9.12 crore during the year ended March 2021.

The scrip is currently trading at Rs 588

VIP Industries: Consolidated Results
	2203 (03)	2103 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Total Operating Income	355.90	243.00	46	1289.51	618.56	108
OPM(%)	9.2%	1.3%		11.2%	-10.6%
OP	32.58	3.20	918	144.40	-65.27	LP
Other Income	5.83	16.30	-64	36.36	48.35	-25
PBIDT	38.41	19.50	97	180.76	-16.92	LP
Interest	5.37	7.26	-26	24.64	29.75	-17
PBDT	33.04	12.24	170	156.12	-46.67	LP
Depreciation	17.00	17.96	-5	69.96	77.94	-10
PBT Before EO	16.04	-5.72	LP	86.16	-124.61	LP
EO	0.00	0.00		0.00	0.00
PBT after EO	16.04	-5.72	LP	86.16	-124.61	LP
Tax provision	3.65	-1.94	PL	19.23	-27.12	PL
PAT	12.39	-3.78	LP	66.93	-97.49	LP
EO (net of tax)	0.00	0.00		0.00	0.00
PAT after EO	12.39	-3.78	LP	66.93	-97.49	LP
Minority Interest	0.00	0.00		0.00	0.00
PAT after MI	12.39	-3.78	LP	66.93	-97.49	LP
EPS*	#	#		4.7	-6.9
* 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 announces resignation of senior management
( Corporate News - 17-Nov-23 19:01 )

V I P Industries announces resignation of senior management personnel
( Corporate News - 18-Nov-23 13:29 )

V.I.P. Industries fixes record date for Interim Dividend
( Market Beat - Reports 25-Jan-18 14:06 )

Rajesh Exports Ltd Surges 1.78%
( Hot Pursuit - 20-Jun-23 09:30 )

Board of VIP Industries recommends final dividend
( Corporate News - 26-May-16 14:12 )

VIP Inds sails through the tide on weaker yuan
( Hot Pursuit - 29-Aug-19 13:37 )

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

VIP Industries schedules board meeting
( Corporate News - 14-May-21 16:48 )

Whirlpool of India Ltd Surges 3.6%
( Hot Pursuit - 16-Oct-18 09:30 )

V I P Industries standalone net profit declines 6.34% in the June 2015 quarter
( Results - Announcements 25-Jul-15 08:07 )

VIP industries
( Analyst Meet / AGM - Conference Call 16-May-13 18:54 )