Budget News

V I P Industries
July 28,2022 00:06

VI P Industries consolidated net sales increased 186.41% to Rs 590.61 crore inQ1FY23 compared to Q1FY22. Operatingprofit margin has jumped from 6.27% to 17.37%, leading to 694.20% rise inoperating profit to Rs 102.61 crore. Rawmaterial cost as a % of total sales (net of stock adjustments) decreased from36.56% to 36.42%. Purchase of finishedgoods cost fell from 12.42% to 11.88%. Employee cost decreased from 18.89% to 10.55%. Other expenses fell from 25.86% to23.17%.

Thecompany has witnessed a strong revival after two years of disruptions caused bythe Covid19 pandemic,as the impact of the pandemic subsides and the companydoes not anticipate any significant impact of the pandemic on its financialresults and its liquidity. The financial results for the comparative quartersended June 30, 2021 and March 31, 2022 were impacted due to the lockdowns anddisruptions caused by the COVID-19 pandemic during the previous fiscal year.

Otherincome fell 50.84% to Rs 7.05 crore. PBIDT rose 302.27% to Rs 109.66 crore. Provision for interest fell 11.02% to Rs 6.54 crore.

PBDTrose 417.93% to Rs 103.12 crore. Provision for depreciation fell 0.22% to Rs 18.02 crore.

Profitbefore EO was Rs 85.10 crore compared to Rs 1.85 crore. The company reported EO income of Rs 15 crorecompared to nil EO items during the quarter. PBT after EO was Rs 100.1 crore.EO item relates to a partial receipt of the insurance claim from the Insurancecompany against the claim lodged with reference to a loss of property, plantand equipment and inventories that were destroyed due to a fire at thecompany's regional warehouse at Ghaziabad on April 03, 2019. The companyexpects to receive the balance claim in the near future.

Provisionfor tax was debit of Rs 31 crore, compared to credit of Rs 0.68 crore. Effective tax rate was 30.97% compared tonegative 36.76%.

Minorityinterest was nil in both the periods. Net profit attributable to owners of the company increased 2,631.23% toRs 69.10 crore.

Promoters'stake was 50.79% as of 30 June 2022 ,compared to 53.46% as of 30 June2021.

Full year resultsanalysis

Netsales of V I P Industries have increased 108.47% to Rs 1289.51 crore. Operating profit margin (OPM) has turned fromnegative 10.55% to positive 11.20%, Operating profit for the quarter stood atRs 144.40 crore compared to loss of Rs 65.27 crore. Raw material cost as a % of total sales (netof stock adjustments) increased from 35.81% to 39.79%. Purchase of finished goods cost rose from9.91% to 14.99%. Employee costdecreased from 29.59% to 13.24%. Otherexpenses fell from 38.72% to 21.85%.

Otherincome fell 24.80% to Rs 36.36 crore. PBIDT stood at Rs 180.76 crore compared to loss of Rs 16.92 crore. Provision for interest fell 17.18% to Rs24.64 crore. Loan funds declined from Rs353.44 crore as of 31 March 2021 to Rs 298.18 crore as of 31 March 2022. Inventories rose to Rs 518.38 crore as of 31March 2022 from Rs 301.65 crore as of 31 March 2021. Sundry debtors were higher at Rs 218.51 croreas of 31 March 2022 compared to Rs 148.47 crore as of 31 March 2021. Cash and bank balance declined from Rs 90.50crore as of 31 March 2021 to Rs 20.73 crore as of 31 March 2022. Investments declined from Rs 140.98 crore asof 31 March 2021 to Rs 41.71 crore as of 31 March 2022.

PBDTstood at Rs 156.12 crore compared to loss of Rs 46.67 crore. Provision for depreciation fell 10.24% to Rs69.96 crore. Fixed assets declined fromRs 287.95 crore as of 31 March 2021 to Rs 270.33 crore as of 31 March2022. Intangible assets declined from Rs2.53 crore to Rs 1.94 crore.

Profitbefore tax reported profit of Rs 86.16 crore compared to loss of Rs 124.61crore. Provision for tax was debit of Rs19.23 crore, compared to credit of Rs 27.12 crore. Net profit reported was Rs 66.93 crore comparedto loss of Rs 97.49 crore.

Equitycapital increased from Rs 28.26 crore as of 31 March 2021 to Rs 28.29 crore asof 31 March 2022. Per share face Valueremained same at Rs 2.00.

Promoters'stake was 50.38% as of 31 March 2022 ,compared to 53.46% as of 31 March 2021.

Cashflow from operating activities has turned negative Rs 23.68 crore for yearended March 2022 from positive Rs 17.04 crore for year ended March 2021. Cash flow used in acquiring fixed assetsduring the year ended March 2022 stood at Rs 36.46 crore compared to Rs 9.12crore during the year ended March 2021.

Thescrip is currently trading at Rs 648

VIP Industries: Consolidated Results
	2206 (03)	2106 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Total Operating Income	590.61	206.21	186	1289.51	618.56	108
OPM(%)	17.4%	6.3%		11.2%	-10.6%
OP	102.61	12.92	694	144.40	-65.27	LP
Other Income	7.05	14.34	-51	36.36	48.35	-25
PBIDT	109.66	27.26	302	180.76	-16.92	LP
Interest	6.54	7.35	-11	24.64	29.75	-17
PBDT	103.12	19.91	418	156.12	-46.67	LP
Depreciation	18.02	18.06	0	69.96	77.94	-10
PBT Before EO	85.10	1.85	999	86.16	-124.61	LP
EO	15.00	0.00		0.00	0.00
PBT after EO	100.10	1.85	999	86.16	-124.61	LP
Tax provision	31.00	-0.68	PL	19.23	-27.12	PL
PAT	69.10	2.53	999	66.93	-97.49	LP
EO (net of tax)	0.00	0.00		0.00	0.00
PAT after EO	69.10	2.53	999	66.93	-97.49	LP
Minority Interest	0.00	0.00		0.00	0.00
PAT after MI	69.10	2.53	999	66.93	-97.49	LP
EPS*	#	#		4.7	-6.9
* Annualized On Current Equity Of Rs 28.26 Crore of face value of Rs 2 each
EO: Extraordinary Items, PL: Profit to Loss
EPS Is Calculated After Excluding EO And Relevant Tax
# EPS not annualised due to seasonality of business
Figures In Rs Crore
Source: Capitaline Database

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