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