External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>The company has implemented close to ~ Rs 170 crore fixed cost savings in FY21 (overall opex down 51% YoY in FY21). VIP believes ~50% (Rs 80-85 crore) would be sustainable in FY22E. Given the near term headwinds and Q1 being critical for VIP, we reduce our revenue estimates for FY22E. We broadly maintain our estimates for FY23E as we expect improved traction in the domestic travel industry from H2FY22 onwards. While revenue recovery may take longer, structural changes in fixed overheads will lead to faster recovery in profitability terms.</p><div class="content-highlight"><em>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.</em></div>

The company has implemented close to ~ Rs 170 crore fixed cost savings in FY21 (overall opex down 51% YoY in FY21). VIP believes ~50% (Rs 80-85 crore) would be sustainable in FY22E. Given the near term headwinds and Q1 being critical for VIP, we reduce our revenue estimates for FY22E. We broadly maintain our estimates for FY23E as we expect improved traction in the domestic travel industry from H2FY22 onwards. While revenue recovery may take longer, structural changes in fixed overheads will lead to faster recovery in profitability terms.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.

VIPIND: The company has implemented close to ~ Rs 170 crore fixed cost savings in FY21 (overall o...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We introduce FY24 estimates and believe, VIP will be able to bounce back to its leadership position in the industry thus driving us to upgrade the stock to BUY (HOLD earlier) with a revised TP of Rs. 415/share (earlier Rs. 330) based on FY24E EPS.</p><div class="content-highlight"><em>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.</em></div>

We introduce FY24 estimates and believe, VIP will be able to bounce back to its leadership position in the industry thus driving us to upgrade the stock to BUY (HOLD earlier) with a revised TP of Rs. 415/share (earlier Rs. 330) based on FY24E EPS.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.

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)

VIPIND: The company has implemented close to ~ Rs 170 crore fixed cost savings in FY21 (overall o...

The company has implemented close to ~ Rs 170 crore fixed cost savings in FY21 (overall opex down 51% YoY in FY21). VIP believes ~50% (Rs 80-85...

ICICI Securities Limited

Result Update:V I P Inds.

We introduce FY24 estimates and believe, VIP will be able to bounce back to its leadership position in the industry thus driving us to upgrade the...

Axis Direct

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