External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Subdued Performance: VIP Industries delivered a lacklustre performance in Q2FY25, with revenue remaining flat, impacted by sluggish demand from traditional channels (MT) amid aggressive e-commerce pricing during major sales events like the Big Billion Day sale.</li><li>However, volume growth stood at 18%, driven by price cuts in soft luggage.</li><li>The management expects the gap between volume and value growth to stabilise at around 8-10%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Subdued Performance: VIP Industries delivered a lacklustre performance in Q2FY25, with revenue remaining flat, impacted by sluggish demand from traditional channels (MT) amid aggressive e-commerce pricing during major sales events like the Big Billion Day sale.However, volume growth stood at 18%, driven by price cuts in soft luggage.The management expects the gap between volume and value growth to stabilise at around 8-10%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VIP Industries Ltd  - Short-Term Troubles Continue; Maintain HOLD

<ul><li>Greenshoots visible: VIP Industries posted a muted performance in Q1FY25, with revenue growth remaining flat (~0.4% YoY) due to fewer wedding dates, heat waves, and lower availability.</li><li>However, volume growth stood at 11%, driven by price discounts in soft luggage.</li><li>On a positive note, the company gained market share, reaching 40% in Q1 compared to 36% in December 2023. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greenshoots visible: VIP Industries posted a muted performance in Q1FY25, with revenue growth remaining flat (~0.4% YoY) due to fewer wedding dates, heat waves, and lower availability.However, volume growth stood at 11%, driven by price discounts in soft luggage.On a positive note, the company gained market share, reaching 40% in Q1 compared to 36% in December 2023. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VIP Industries Ltd  - Muted Performance; Maintain HOLD

<ul><li>High Soft Luggage Inventory Problem: VIP Industries has a total inventory of 900 Cr on its Balance Sheet, with 300 Cr allocated to Soft Luggage Inventory.</li><li>The company has ceased manufacturing at its Soft Luggage facility in Bangladesh and significantly downsized its employee staff, resulting in operating deleverage and decreased gross margin contribution across the entire book.</li><li>We anticipate that the current inventory will gradually liquidate over the next 2-3 quarters, exerting continued pressure on gross margins and leading to additional expenses associated with inventory holding.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

High Soft Luggage Inventory Problem: VIP Industries has a total inventory of 900 Cr on its Balance Sheet, with 300 Cr allocated to Soft Luggage Inventory.The company has ceased manufacturing at its Soft Luggage facility in Bangladesh and significantly downsized its employee staff, resulting in operating deleverage and decreased gross margin contribution across the entire book.We anticipate that the current inventory will gradually liquidate over the next 2-3 quarters, exerting continued pressure on gross margins and leading to additional expenses associated with inventory holding.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VIP Industries Ltd - Inventory Troubles Lead to Lower Gross Margins; Maintain HOLD

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report on VIPIndustries We attended the analyst meet of VIP industries (VIP) wherein management unveiled plans on product innovation (new launches were on display; check exhibit 5 and 6), premiumization, leadership and supply chain management.</li><li>On fruition, the revival strategy is likely to result in market share gains while EBITDA margin is likely to improve to 15% from 2HFY25E once warehousing, freight and accelerated spends on e-com stabilize.</li><li>We broadly maintain our estimates and expect sales/EBITDA CAGR of 12%/37% over FY24E-FY26E on the back of said revival plan.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report on VIPIndustries We attended the analyst meet of VIP industries (VIP) wherein management unveiled plans on product innovation (new launches were on display; check exhibit 5 and 6), premiumization, leadership and supply chain management.On fruition, the revival strategy is likely to result in market share gains while EBITDA margin is likely to improve to 15% from 2HFY25E once warehousing, freight and accelerated spends on e-com stabilize.We broadly maintain our estimates and expect sales/EBITDA CAGR of 12%/37% over FY24E-FY26E on the back of said revival plan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V.I.P. Industries (VIP IN) - Turnaround in Sight

<ul><li>VIP Industries’ Q3FY24 numbers missed our top-line estimates and a major miss on EBITDA and PAT.</li><li>Revenue stood at 546 Cr Up by 3.8%/0.1% YoY/QoQ, missed our expectation by 5.6%. EBITDA declined by 28.5%/1.2% YoY/QoQ to Rs 52 Crs, missing our estimate by 44.6%.</li><li>Consolidated EBITDA margin at 9.6% (vs 13.9% in Q3FY23) missing our estimate by 674 bps on higher other expenses mainly on a/c of increased freight &amp; accelerated spends on e-commerce. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VIP Industries’ Q3FY24 numbers missed our top-line estimates and a major miss on EBITDA and PAT.Revenue stood at 546 Cr Up by 3.8%/0.1% YoY/QoQ, missed our expectation by 5.6%. EBITDA declined by 28.5%/1.2% YoY/QoQ to Rs 52 Crs, missing our estimate by 44.6%.Consolidated EBITDA margin at 9.6% (vs 13.9% in Q3FY23) missing our estimate by 674 bps on higher other expenses mainly on a/c of increased freight &amp; accelerated spends on e-commerce. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VIP Industries Ltd  - Weak Q3; Realigning Product Profile to Regain Premium Market Share

India

V.I.P Industries Limited manufactures brand name molded luggage, soft luggage and ABS luggage. The Company's products include briefcases, suitcases, handbags, carry bags and vanity cases.  V.I.P. also provides travel related information, tips on destination and special deals on the Internet.

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V.I.P. Industries (VIP IN)

VIP Industries Ltd - Short-Term Troubles Continue; Maintain HOLD

VIP Industries delivered a lacklustre performance in Q2FY25, with revenue remaining flat, impacted by sluggish demand from traditional channels (MT)

Axis Direct

VIP Industries Ltd - Muted Performance; Maintain HOLD

Greenshoots visible: VIP Industries posted a muted performance in Q1FY25, with revenue growth remaining flat (~0.4% YoY) due to fewer wedding...

Axis Direct

VIP Industries Ltd - Inventory Troubles Lead to Lower Gross Margins; Maintain HOLD

High Soft Luggage Inventory Problem: VIP Industries has a total inventory of 900 Cr on its Balance Sheet, with 300 Cr allocated to Soft Luggage...

Axis Direct