External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>High Soft Luggage Inventory Problem: VIP Industries has a total inventory of 900 Cr on its Balance Sheet, with 300 Cr allocated to Soft Luggage Inventory.</li><li>The company has ceased manufacturing at its Soft Luggage facility in Bangladesh and significantly downsized its employee staff, resulting in operating deleverage and decreased gross margin contribution across the entire book.</li><li>We anticipate that the current inventory will gradually liquidate over the next 2-3 quarters, exerting continued pressure on gross margins and leading to additional expenses associated with inventory holding.</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.

High Soft Luggage Inventory Problem: VIP Industries has a total inventory of 900 Cr on its Balance Sheet, with 300 Cr allocated to Soft Luggage Inventory.The company has ceased manufacturing at its Soft Luggage facility in Bangladesh and significantly downsized its employee staff, resulting in operating deleverage and decreased gross margin contribution across the entire book.We anticipate that the current inventory will gradually liquidate over the next 2-3 quarters, exerting continued pressure on gross margins and leading to additional expenses associated with inventory holding.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 - Inventory Troubles Lead to Lower Gross Margins; Maintain HOLD

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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.

<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

<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

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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52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

V.I.P. Industries (VIP IN)

VIP Industries Ltd - Inventory Troubles Lead to Lower Gross Margins; Maintain HOLD

High Soft Luggage Inventory Problem: VIP Industries has a total inventory of 900 Cr on its Balance Sheet, with 300 Cr allocated to Soft Luggage...

Axis Direct