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

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>VIP Industries is one of Asia’s leading seller/manufacturer of various type of luggage’s, backpacks and handbags</li><li>VIP has a range of leading brands, positioned across the entire price range, catering to value (Aristocrat) mid (VIP, Skybags) and premium (Carlton, Caprese) price points</li><li>Target Price and Valuation: We value VIP at Rs 770 i.e. 48x FY24E EPS</li></ul><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>

VIP Industries is one of Asia’s leading seller/manufacturer of various type of luggage’s, backpacks and handbagsVIP has a range of leading brands, positioned across the entire price range, catering to value (Aristocrat) mid (VIP, Skybags) and premium (Carlton, Caprese) price pointsTarget Price and Valuation: We value VIP at Rs 770 i.e. 48x FY24E EPSContent 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: Higher In-House Manufacturing to Improve Margins

<p>VIP has, over the years, maintained balance sheet prudence with stringent working capital policy, virtually debt free status and healthy RoCE: 30%+ Q1FY22 Results: Second wave significantly disrupted a seasonally strong quarter...</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>

VIP has, over the years, maintained balance sheet prudence with stringent working capital policy, virtually debt free status and healthy RoCE: 30%+ Q1FY22 Results: Second wave significantly disrupted a seasonally strong quarter...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: Spurt in Gross Margins a Key Positive Surprise

External broker reports(aggregated public sources), IDBI Capital

IDBI Capital

<p>VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only 9% QoQ fall in sales). Interestingly, its gross margin improved to 60% from 47% in Q4FY21 as it procured nearly 90% of luggage from its captive Bangladesh plants. As per the management, the gross margin is sustainable. Q1FY22 EBITDA jumped up nearly 3x QoQ to Rs129 mn and...</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>

VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only 9% QoQ fall in sales). Interestingly, its gross margin improved to 60% from 47% in Q4FY21 as it procured nearly 90% of luggage from its captive Bangladesh plants. As per the management, the gross margin is sustainable. Q1FY22 EBITDA jumped up nearly 3x QoQ to Rs129 mn and...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.

<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)

VIP Industries: Higher In-House Manufacturing to Improve Margins

Gross margins for the quarter improved 1050 bps YoY to 48.9% but continues to be below its pre-Covid levels (53-55%) on account of sharp inflation...

ICICI Securities Limited

Vip Industries: Spurt in Gross Margins a Key Positive Surprise

VIP has, over the years, maintained balance sheet prudence with stringent working capital policy, virtually debt free status and healthy RoCE: 30%+...

ICICI Securities Limited

VIP Industries: Q1FY22 Result Review

VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only...

IDBI Capital

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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