External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<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

<ul><li>We believe that fundamental demand indicators like passenger traffic and hotel occupancy are all trending upward.</li><li>There is a significant wedding cohort in Q3FY24, and industry experts are raving about an excellent Q3.</li><li>However, the company has to prove itself with ongoing management transition and the change in top strategy.</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.

We believe that fundamental demand indicators like passenger traffic and hotel occupancy are all trending upward.There is a significant wedding cohort in Q3FY24, and industry experts are raving about an excellent Q3.However, the company has to prove itself with ongoing management transition and the change in top strategy.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 Quarter; Revamping Organizational Strategy Post CEO Exit

<ul><li>VIP Industries’Q1FY24 numbers beat ourtop-line estimates but reported a major miss on EBITDA and PAT due to a significant drop in gross margins.</li><li>Revenue stood at 636 Cr, up 7.7%/41% YoY/QoQ. Gross margins dropped 600bps below our estimates leading to EBITDA declining by 21% YoY to 80.6 Cr (missing our estimate by 18%).</li><li>The company reported an EBITDA Margin of 12.7% against 17.4% YoY, missing our estimate by 558bps</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’Q1FY24 numbers beat ourtop-line estimates but reported a major miss on EBITDA and PAT due to a significant drop in gross margins.Revenue stood at 636 Cr, up 7.7%/41% YoY/QoQ. Gross margins dropped 600bps below our estimates leading to EBITDA declining by 21% YoY to 80.6 Cr (missing our estimate by 18%).The company reported an EBITDA Margin of 12.7% against 17.4% YoY, missing our estimate by 558bpsContent 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 - Double Whammy – Supply Constraints and Weak Demand

<ul><li>VIP Industries’Q4FY23 numbers missed our estimates due to a fire incident at 1/8 Bangladesh Factory which affected 8-10% of its Bangladesh production.</li><li>ConsolidatedRevenue missed our estimate by 28.5 % (+26%/-14.4% YoY/QoQ).</li><li>Gross margins improved due to fundamental cost efficiencies and softening input costs.</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’Q4FY23 numbers missed our estimates due to a fire incident at 1/8 Bangladesh Factory which affected 8-10% of its Bangladesh production.ConsolidatedRevenue missed our estimate by 28.5 % (+26%/-14.4% YoY/QoQ).Gross margins improved due to fundamental cost efficiencies and softening input costs.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 - Down But Not Beaten, Structural Story Intact!

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.

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

We broadly maintain our estimates and expect sales/EBITDA CAGR of 12%/37% over FY24E-FY26E on the back of said revival plan.

Prabhudas Lilladhar

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

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...

Axis Direct

VIP Industries Ltd - Weak Quarter; Revamping Organizational Strategy Post CEO Exit

The company reported an EBITDA margin of 9.7% against 13.9% YoY, missing our estimate by 350bps. PAT stood at Rs13.3 Cr, down 69.4% YoY.

Axis Direct

VIP Industries Ltd - Double Whammy – Supply Constraints and Weak Demand

VIP Industries’Q1FY24 numbers beat ourtop-line estimates but reported a major miss on EBITDA and PAT due to a significant drop in gross margins.

Axis Direct

VIP Industries Ltd - Down But Not Beaten, Structural Story Intact!

VIP Industries’Q4FY23 numbers missed our estimates due to a fire incident at 1/8 Bangladesh Factory which affected 8-10% of its Bangladesh production.

Axis Direct