VIP Industries Q2 Review - Healthy Demand Boosts Topline: ICICI Direct
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ICICI Direct Report
Gradual reopening of economy and higher push towards domestic travel had perked up demand for luggage during Q2 FY22.
On a favourable base, VIP Industries Ltd.'s revenue grew 221% YoY to Rs 330.6 crore (80% of pre-Covid levels). Reported its highest revenues in the last seven quarters.
Gross margins for the quarter improved 840 basis points YoY to 47.1% but declined 380 bps QoQ due to sharp inflation on China imports for both raw material and finished goods.
On the back of significant cost saving measures, VIP reported healthy Ebitda margin of 12.1% with absolute Ebitda of Rs 41.8 crore (versus loss of Rs 22 crore in Q2FY21).
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