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IDBI Capital Report
VIP Industries Ltd.'s Q3 FY22 result was a strong beat on all parameters. Its net sales increased by 71% to Rs 3.9 billion led by strong wedding season and increase in leisure travel.
The company witnessed a 179 basis points improvement in gross margin to 49% sequentially led by strong top-line growth. Moreover, strong growth in sales led to Ebitda margin expansion to 14.4% (up 1,088 bps YoY, up 172 bps QoQ).
VIP Industries reported net profit of Rs 335 million compared to loss of Rs 70 million in Q3 FY21. We make minor changes to our FY22-24 forecasts.
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