VIP Industries Delivers Another Weak Quarter But Recovery In Sight: IDBI Capital
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IDBI Capital Report
Although VIP Industries Ltd. reported weaker than expected profitability for Q3 FY21, its cash flows improved meaningfully in the quarter.
The company’s net sales fell 46% YoY to Rs 2,326 million; Ebitda fell 88.0% YoY at Rs 80 million.
The company has reduced its employee cost by 46% YoY to Rs 310 million. However, it reported net loss of Rs 70 million.
On a positive note, the company is witnessing demand improvement on month-on-month bassis.
The company remains hopeful of sales recovery in Q1 FY22 (seasonally strong quarter), although it believes full normalcy is likely to be restored only from FY23.
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