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Results
09-May-23
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Analysis
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V I P Industries
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Net loss due to fire in Bangladesh plant
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V
I P Industries consolidated net sales increased 26.60% to Rs 450.57 crore in
Q3FY23 compared to Q3FY22. Operating
profit margin has jumped from 9.15% to 14.27%, leading to 97.30% rise in
operating profit to Rs 64.28 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
42.96% to 35.97%. Purchase of finished
goods cost fell from 18.04% to 17.85%.
Employee cost decreased from 11.45% to 10.30%. Other expenses rose from 20.85% to
24.50%.
Other
income fell 22.13% to Rs 4.54 crore.
PBIDT rose 79.17% to Rs 68.82 crore.
Provision for interest rose 56.61% to Rs 8.41 crore.
PBDT
rose 82.84% to Rs 60.41 crore. Provision
for depreciation rose 15.41% to Rs 19.62 crore.
Profit
before EO grew 154.30% to Rs 40.79 crore.
The company reported EO expense of Rs 47.21 crore relating to a loss of
property, plant and equipment and inventories that were destroyed due to a
major fire at a plant of the Company`s subsidiary (VIP Industries Bangladesh Private
Limited) located in Bangladesh, on January 31st, 2023 compared to nil in the
corresponding previous year period. PBT after EO was loss of Rs 6.42 crore
compared to profit of Rs 16.04 crore.
Provision
for tax was credit of Rs 2.16 crore, compared to debit of Rs 3.65 crore. Minority interest was nil in both the
periods. Net profit reported loss of Rs
4.26 crore compared to profit of Rs 12.39 crore.
Equity
capital increased from Rs 28.29 crore as of 31 March 2022 to Rs 28.33 crore as
of 31 March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 51.30% as of 31 March 2023 ,compared to 50.38% as of 31 March 2022
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Full year results
analysis
Net
sales of V I P Industries have increased 61.48% to Rs 2082.32 crore. Operating profit margin has jumped from
11.20% to 15.07%, leading to 117.31% rise in operating profit to Rs 313.80
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 39.79% to 35.42%. Purchase of finished goods cost fell from
14.99% to 14.77%. Employee cost
decreased from 13.24% to 11.03%. Other
expenses rose from 21.85% to 24.07%.
Other
income fell 53.03% to Rs 17.08 crore.
PBIDT rose 83.05% to Rs 330.88 crore.
Provision for interest rose 15.58% to Rs 28.48 crore. Loan funds rose to Rs 352.26 crore as of 31
March 2023 from Rs 298.18 crore as of 31 March 2022. Inventories rose to Rs 587.11 crore as of 31
March 2023 from Rs 518.38 crore as of 31 March 2022. Sundry debtors were higher at Rs 255.37 crore
as of 31 March 2023 compared to Rs 218.51 crore as of 31 March 2022. Cash and bank balance rose to Rs 36.49 crore
as of 31 March 2023 from Rs 20.73 crore as of 31 March 2022. Investments declined from Rs 41.71 crore as
of 31 March 2022 to Rs 23.47 crore as of 31 March 2023.
PBDT
rose 93.70% to Rs 302.4 crore. Provision
for depreciation rose 5.29% to Rs 73.66 crore.
Fixed assets increased to Rs 322.39 crore as of 31 March 2023 from Rs
270.33 crore as of 31 March 2022.
Intangible assets increased from Rs 1.94 crore to Rs 2.10 crore.
Profit
before tax grew 165.48% to Rs 228.74 crore.
The company reported net EO expense of Rs 32.21 crore relating to a loss
of property, plant and equipment and inventories that were destroyed due to a
major fire at a plant of the Company`s subsidiary (VIP Industries Bangladesh
Private Limited) located in Bangladesh, on January 31st, 2023 and income of Rs
15 crore relating 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 regional warehouse at Ghaziabad on April 03, 2019 compared to
nil in the corresponding previous year period. PBT after EO was down 128% to Rs
196.53 crore.
Provision
for tax was expense of Rs 44.19 crore, compared to Rs 19.23 crore. Effective tax rate was 22.49% compared to
22.32%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 127.61% to Rs
152.34 crore.
Equity
capital increased from Rs 28.29 crore as of 31 March 2022 to Rs 28.33 crore as
of 31 March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 51.30% as of 31 March 2023 ,compared to 50.38% as of 31 March 2022
.
Cash
flow from operating activities has turned positive Rs 174.89 crore for year
ended March 2023 from negative Rs 23.68 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 106.94 crore, compared to Rs 36.46
crore during the year ended March 2022.
.The
scrip is currently trading at Rs 621
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VIP
Industries: Consolidated Results
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2303 (03)
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2203 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Total Operating Income
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450.57
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355.90
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27
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2082.32
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1289.51
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61
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OPM(%)
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14.3%
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9.2%
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15.1%
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11.2%
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OP
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64.28
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32.58
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97
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313.80
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144.40
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117
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Other Income
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4.54
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5.83
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-22
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17.08
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36.36
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-53
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PBIDT
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68.82
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38.41
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79
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330.88
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180.76
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83
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Interest
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8.41
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5.37
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57
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28.48
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24.64
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16
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PBDT
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60.41
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33.04
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83
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302.40
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156.12
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94
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Depreciation
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19.62
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17.00
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15
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73.66
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69.96
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5
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PBT Before EO
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40.79
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16.04
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154
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228.74
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86.16
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165
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EO
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47.21
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0.00
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32.21
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0.00
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PBT after EO
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-6.42
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16.04
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PL
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196.53
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86.16
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128
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Tax provision
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-2.16
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3.65
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LP
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44.19
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19.23
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130
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PAT
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-4.26
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12.39
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PL
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152.34
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66.93
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128
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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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-4.26
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12.39
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PL
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152.34
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66.93
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128
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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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-4.26
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12.39
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PL
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152.34
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66.93
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128
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EPS*
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#
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#
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12.5
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4.7
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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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Previous News |
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18-May-22
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V I P Industries consolidated net profit rises 0.34% in the September 2019 quarter
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(
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