BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
V-Guard Industries Ltd.'s Q1 saw a strong YoY due to the base effect of Q1 of last year.
Ebitda came in at 8.1% compared to double digit margins in the past three quarters due to adverse operating leverage.
Inventory was up significantly at 123 days and working capital at 106 days, partially due to a strategic call to hold 15 days’ inventory to tackle the lockdown, though it is expected to normalize in Q2.
V-Guard Indsutries' focus on non-south markets continue, as reflected in higher growth and increasing mix of non-south markets, though south continues to fetch better Ebitda margins.
Thrust also continues on in-house production, which they are targeting at 60% from current 47% in next three to five years.
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