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Results
28-Jul-22
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Analysis
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V I P Industries
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Strong revival
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V
I P Industries consolidated net sales increased 186.41% to Rs 590.61 crore in
Q1FY23 compared to Q1FY22. Operating
profit margin has jumped from 6.27% to 17.37%, leading to 694.20% rise in
operating profit to Rs 102.61 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
36.56% to 36.42%. Purchase of finished
goods cost fell from 12.42% to 11.88%.
Employee cost decreased from 18.89% to 10.55%. Other expenses fell from 25.86% to
23.17%.
The
company has witnessed a strong revival after two years of disruptions caused by
the Covid19 pandemic,as the impact of the pandemic subsides and the company
does not anticipate any significant impact of the pandemic on its financial
results and its liquidity. The financial results for the comparative quarters
ended June 30, 2021 and March 31, 2022 were impacted due to the lockdowns and
disruptions caused by the COVID-19 pandemic during the previous fiscal year.
Other
income fell 50.84% to Rs 7.05 crore.
PBIDT rose 302.27% to Rs 109.66 crore.
Provision for interest fell 11.02% to Rs 6.54 crore.
PBDT
rose 417.93% to Rs 103.12 crore.
Provision for depreciation fell 0.22% to Rs 18.02 crore.
Profit
before EO was Rs 85.10 crore compared to Rs 1.85 crore. The company reported EO income of Rs 15 crore
compared to nil EO items during the quarter. PBT after EO was Rs 100.1 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 debit of Rs 31 crore, compared to credit of Rs 0.68 crore. Effective tax rate was 30.97% compared to
negative 36.76%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 2,631.23% to
Rs 69.10 crore.
Promoters’
stake was 50.79% as of 30 June 2022 ,compared to 53.46% as of 30 June
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 648
VIP
Industries: Consolidated Results
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2206 (03)
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2106 (03)
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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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590.61
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206.21
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186
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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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17.4%
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6.3%
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11.2%
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-10.6%
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OP
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102.61
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12.92
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694
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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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7.05
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14.34
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-51
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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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109.66
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27.26
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302
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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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6.54
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7.35
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-11
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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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103.12
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19.91
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418
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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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18.02
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18.06
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0
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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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85.10
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1.85
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999
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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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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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100.10
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1.85
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999
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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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31.00
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-0.68
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PL
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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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69.10
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2.53
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999
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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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PAT after EO
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69.10
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2.53
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999
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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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PAT after MI
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69.10
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2.53
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999
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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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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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