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.
IDBI Capital Report
VIP Industries Ltd.’s Q4 FY21 net sales was in line with our forecast; however, its profitability was weaker than our forecast.
Its net sales fell 22% YoY at Rs 2,430 - the fall in net sales is higher than fall in net sales for Safari Industries Ltd. (down 7% YoY to Rs 1,329 million).
It is concerning that the company continued to lose market share; it aims to recover it when things normalize.
The company’s Ebitda fell 90% YoY at Rs 32 million and it reported net loss of Rs 38 million in Q4 FY21.
We have cut our FY23 sales/Ebitda estimate by 32%/53% as we anticipate the second wave of Covid-19 to affect H1 FY22 sales severely.
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