Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>V-Guard Industries</h2>
<h3>Strong quarter ; Waiting for demand to bounce back ; Downgrade to Accumulate</h3>
<p>We downgrade V-Guard Industries (VIL) to Accumulate rating with a revised target price of Rs285 (Rs295 earlier) based on 40x FY23E EPS. The stock is currently trading at 37.5x FY23 EPS. We have cut our EPS estimates in FY22/23 by 10%/4%. V-Guard Industries (VIL) posted healthy revenue of Rs8.5bn in 4QFY21, up 58% YoY, broadly in-line with our estimate, but 7% above consensus…</p>

<p>3QFY21 Result Update</p>
<h2>V-Guard Industries</h2>
<h3>Strong revenue growth; Robust margins; Retain Buy</h3>
<p>V-Guard Industries (VIL) posted revenue of Rs8.3bn in 3QFY21, up 32% YoY and 31%/20% above our/consensus estimates. Topline was driven by improved consumer demand, festive season sales, revival of construction activities and some pre-buying by the trade channel. Categories such as pumps, fans, stabilizers, wires and kitchen appliances performed better in the quarter. Revenue from South/Non-South regions…</p>

<div>
<div>
<div>
<div>
<p>2QFY21 Result Update</p>
<h2>V-Guard Industries</h2>
<div>
<div>
<div>
<div>
<h3>Healthy operating margin, strong OCF; Retain Buy</h3>
<div>
<div>
<div>
<div>
<p>V-Guard Industries (VIL) posted revenue of Rs6.2bn in 2QFY21, flat YoY but 9%/11% above our/consensus estimates. Categories such as pumps, fans and digital UPS performed better in the quarter. Revenue from South region fell 3% YoY to Rs3.8bn (61% of total sales), while Non-south region revenue was up 4% YoY at Rs2.4bn (39% of total sales). Revenue of Electronics/Electricals segments grew 2% YoY…</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

<div>
<div>
<div>
<div>
<p>1QFY21 Result Update</p>
<h2>V-Guard Industries</h2>
<div>
<div>
<div>
<div>
<p><strong>Healthy OCF in lockdown quarter; Valuation favourable</strong></p>
<div>
<div>
<div>
<div>
<p>V-Guard Industries (VIL) posted revenue of Rs4.1bn in 1QFY21, down 42% YoY due to COVID-19 led lockdown, but 28%/17% above our/consensus estimates. Sales in April 2020 were negligible; May was 70% of YoY level while June was 90% of YoY level. Revenue from South region fell 38% YoY to Rs2.4bn (58% of total sales), while Non-south region fell 47% YoY to Rs1.7bn (42% of total sales) due to…</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

India

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00