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ICICI Securities Report
Three highlights of V-Guard Industries Ltd.'s Q4 FY21 results:
1. Strong consumer off-take continued from Q3 FY21, 40% growth in e-commerce channel, price hikes of 5-10% across products and favorable base resulted in strong revenue growth of 58% YoY,
2. revenue growth in South India and Non-South India markets was 49.6% and 70.9%, respectively and
3. though input prices are inching upwards, selective price hikes as well as cost saving measures are expected to result in sustainable Ebitda margin of 10-10.5%.
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