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IDBI Capital Report
VIP Industries Ltd. reported significantly weaker than expected Q2 FY21 results.
This was due to adverse impact of Covid-19 that has affected travel and tourism; thus adversely affecting luggage, handbags and backpack sales.
The company’s net sales fell 75.1% YoY to Rs 1,028 million (50% below our forecast).
Ebitda loss stood at Rs 221 million compared to Ebitda of Rs 663 million in Q2 FY20.
The company aims to conserve cash and cut fixed costs in FY21.
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