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Results
25-Jan-23
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Analysis
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V I P Industries
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Robust performance
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Consolidated
net sales of V I P Industries have increased 32.48% to Rs 526.4 crore in Q3FY23
compared to Q3FY22. Operating profit
margin has declined from 14.38% to 13.86%, leading to 27.66% rise in operating
profit to Rs 72.96 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 38.48% to
34.33%. Purchase of finished goods cost
rose from 13.74% to 15.01%. Employee
cost decreased from 12.26% to 11.58%.
Other expenses rose from 21.47% to 24.87%.
Other
income fell 72.55% to Rs 2.58 crore.
PBIDT rose 13.51% to Rs 75.54 crore.
Provision for interest rose 21.96% to Rs 6.61 crore.
PBDT
rose 12.76% to Rs 68.93 crore. Provision
for depreciation rose 3.62% to Rs 18.05 crore.
Profit
before tax grew 16.40% to Rs 50.88 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 6.78
crore, compared to Rs 10.24 crore.
Effective tax rate was 13.33% compared to 23.43%.
Minority
interest was nil in both the periods. Net profit attributable to owners of the
company increased 31.76% to Rs 44.10 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 nine months ended December
31, 2021 were impacted due to the lockdowns and disruptions caused by the
COVID-19 pandemic during the previous fiscal year.
Promoters’
stake was 51.32% as of 31 December 2022 ,compared to 50.27% as of 31 December
2021 .
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of V I P Industries has increased
74.78% to Rs 1631.75 crore.
Operating
profit margin has jumped from 11.98% to 15.15%, leading to 121.02% rise in
operating profit to Rs 247.15 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
38.14% to 35.23%. Purchase of finished
goods cost rose from 13.41% to 13.67%.
Employee cost decreased from 14.17% to 11.30%. Other expenses rose from 22.37% to
24.07%.
Other
income fell 51.16% to Rs 14.91 crore.
PBIDT rose 84.10% to Rs 262.06 crore.
Provision for interest rose 4.15% to Rs 20.07 crore.
PBDT
rose 96.61% to Rs 241.99 crore.
Provision for depreciation rose 2.04% to Rs 54.04 crore. PBT before EO rose 168% to Rs 187.95 crore.
The company reported EO income of Rs 15 crore compared to nil EO items during
the period. PBT after EO was up 189% to Rs 202.95 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.
Profit
before tax grew 168.04% to Rs 187.95 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 46.35
crore, compared to Rs 15.58 crore. Effective
tax rate was 22.84% compared to 22.22%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 187.13% to Rs
156.60 crore.
Promoters’
stake was 51.32% as of 31 December 2022 ,compared to 50.27% as of 31 December
2021.
.The
scrip is currently trading at Rs 722
VIP
Industries: Consolidated Results
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2212 (03)
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2112 (03)
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Var.(%)
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2212 (09)
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2112 (09)
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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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526.40
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397.34
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32
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1631.75
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933.61
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75
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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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14.4%
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15.1%
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12.0%
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11.2%
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-10.6%
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OP
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72.96
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57.15
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28
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247.15
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111.82
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121
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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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2.58
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9.40
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-73
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14.91
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30.53
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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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75.54
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66.55
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14
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262.06
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142.35
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84
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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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6.61
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5.42
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22
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20.07
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19.27
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4
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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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68.93
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61.13
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13
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241.99
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123.08
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97
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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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18.05
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17.42
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4
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54.04
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52.96
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2
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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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50.88
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43.71
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16
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187.95
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70.12
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168
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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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50.88
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43.71
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16
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202.95
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70.12
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189
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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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6.78
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10.24
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-34
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46.35
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15.58
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197
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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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44.10
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33.47
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32
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156.60
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54.54
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187
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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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44.10
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33.47
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32
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156.60
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54.54
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187
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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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44.10
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33.47
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32
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156.60
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54.54
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187
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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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