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ICICI Securities Report
V-Guard Industries Ltd.'s revenue grew 80.2% YoY, led by strong growth across all segments, and carryover price hikes. We like company's continued growth in non-South India (non-south revenue share improved to 46.9% in Q1 FY23).
The company acquired 26% stake in Guts Electro-Mech (manufacturer of switchgears) for Rs 62 million. 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.
We revise our earnings estimates due to correction in input material inflation.
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