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ICICI Securities Report
Key takeaways from V-Guard Industries Ltd.'s Q3FY22 results:
revenues grew 15.8% YoY, led by strong growth in consumer durables and kitchen appliances, and price hikes across products,
revenue growth in South India and non-South India markets was 15.0% and 17.7% YoY, respectively,
Ebitda margin declined 486 bps due to inflation in input cost and other expenses and
working capital investments increased due to higher inventory days.
V-Guard's consumer durables business revenue was up 28.1% YoY. We believe strong growth in kitchen appliances and Non-South region are discounted cash flow accretive. We continue to like V-Guard's business model due to-
strong market shares in stabilisers, water heaters and pumps,
investments in distribution and brand-building and
investments and likely success in kitchen appliances over the medium term.
However, we cut our earnings estimates due to continued input material inflation.
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