V-Guard Industries Posts Strong Q3 Beat; Improved Cash And Normalising Inventory: Dolat Capital
Cabled components for electronic switches sit in a box at a factory. (Photographer: Stefan Wermuth/Bloomberg)

V-Guard Industries Posts Strong Q3 Beat; Improved Cash And Normalising Inventory: Dolat Capital

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. saw a better Q3 with sales, Ebitda and profit after tax growing by 32%, 91% and 80% YoY which beat estimates.

Margins have improved 420 basis points even with a pressure on input cost mainly due to better control on overheads.

Cash from operations remained strong in nine months FY21 at Rs 3.7 billion versus Rs 3.2 billion QoQ versus Rs 2.6 billion YoY, as working capital improved to 48-day levels from 53 levels in Q2.

Non-south markets grew by 43% compared to 23.5% in South markets.

Click on the attachment to read the full report:

Dolat Capital V-Guard Industries Q3FY21 Result Update.pdf

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