VIP Inds.

₹530.9 -2.8 | 0.5%

WEBSITE BSE:507880 NSE : VIP INDUS. 10 May, 16:01

Market Cap ₹7537 Cr.

Stock P/E 138.5

P/B 10.4

Current Price ₹530.9

Book Value ₹ 50.9

Face Value 2

52W High ₹722.7

Dividend Yield 0.38%

52W Low ₹ 449.4

Edit Ratio

VIP Inds. Research see more...

Overview Inc. Year: 1968Industry: Household & Personal Products

V.I.P. Industries Ltd. (VIP) is a holding company. The Company is engaged within the manufacturing of hard luggages and soft luggages. The Company operates thru two segments: Luggage, Bags & Accessories, and Furniture. The Company has manufacturing centres at numerous locations across India. The Company has various manufacturers across bags categories. The Company's manufacturers include Carlton, VIP Bags, Skybags, Aristocrat, Alfa and Caprese. The Company's product range consists of trolleys, rucksacks, backpacks, duffel bags, laptop bags, travel add-ons, short haul essentials, soft uprights, vanity cases, hard suitcases, briefcases and uprights, among others. It has about 8000 stores throughout India and with a community of over 1300 outlets across approximately 30 nations. The Company's subsidiaries are VIP Industries Bangladesh Pvt Ltd and Blow Plast Retail Ltd. VIP Industries Bangladesh Pvt Ltd manufactures and markets bags and luggage.

VIP Inds. Share Price

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Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

VIP Inds. Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	397	356	591	515	526	451	636	546	546	516
Other Income	9	6	7	5	3	5	3	3	3	4
Total Income	407	362	598	520	529	455	639	549	549	520
Total Expenditure	340	323	488	443	453	386	556	493	494	508
Operating Profit	67	38	110	77	76	69	83	55	55	12
Interest	5	5	7	7	7	8	11	12	15	17
Depreciation	17	17	18	18	18	20	21	24	27	28
Exceptional Income / Expenses	0	0	15	0	0	-47	26	0	0	0
Profit Before Tax	44	16	100	52	51	-6	77	19	13	-33
Provision for Tax	10	4	31	9	7	-2	20	6	6	-9
Profit After Tax	33	12	69	43	44	-4	58	13	7	-24
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	33	12	69	43	44	-4	58	13	7	-24
Adjusted Earnings Per Share	2.4	0.9	4.9	3.1	3.1	-0.3	4.1	0.9	0.5	-1.7

VIP Inds. Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	838	973	1048	1216	1252	1410	1785	1714	619	1290	2082	2244
Other Income	2	3	3	3	10	10	9	13	49	36	17	13
Total Income	840	976	1051	1219	1261	1419	1794	1727	667	1326	2099	2257
Total Expenditure	767	891	969	1107	1119	1215	1558	1418	683	1143	1766	2051
Operating Profit	72	85	82	113	142	205	235	309	-16	182	334	205
Interest	7	4	3	3	3	2	4	25	31	26	31	55
Depreciation	20	17	18	14	14	13	17	87	78	70	74	100
Exceptional Income / Expenses	0	16	4	0	0	0	0	-49	0	0	-32	26
Profit Before Tax	45	80	65	95	126	190	215	148	-125	86	197	76
Provision for Tax	14	22	19	29	40	63	70	37	-27	19	44	23
Profit After Tax	32	58	47	66	85	127	145	112	-97	67	152	54
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	32	58	47	66	85	127	145	112	-97	67	152	54
Adjusted Earnings Per Share	2.2	4.1	3.3	4.7	6	9	10.3	7.9	-6.9	4.7	10.8	3.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	61%	7%	8%	10%
Operating Profit CAGR	84%	3%	10%	17%
PAT CAGR	127%	11%	4%	17%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-16%	17%	4%	19%
ROE Average	26%	7%	13%	17%
ROCE Average	30%	11%	19%	24%

VIP Inds. Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	258	287	306	339	408	489	581	610	517	560	642
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	23	2	1	3	4	6	10	189	429	424	452
Total Current Liabilities	206	158	189	239	192	272	475	438	402	518	633
Total Liabilities	486	448	496	581	603	767	1066	1237	1348	1502	1726
Fixed Assets	78	85	71	67	60	76	115	368	286	263	307
Other Non-Current Assets	53	30	30	25	24	32	44	40	324	338	401
Total Current Assets	355	333	395	489	520	659	907	828	738	902	1019
Total Assets	486	448	496	581	603	767	1066	1237	1348	1502	1726

VIP Inds. Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	13	9	8	5	6	8	20	11	7	20	17
Cash Flow from Operating Activities	74	50	14	53	127	85	-56	292	85	-24	175
Cash Flow from Investing Activities	-15	-2	-3	-8	-73	-29	16	-85	-145	146	-84
Cash Flow from Financing Activities	-63	-49	-14	-45	-51	-44	31	-211	74	-126	-75
Net Cash Inflow / Outflow	-4	-1	-3	0	2	13	-9	-4	14	-3	16
Closing Cash & Cash Equivalent	9	8	5	6	8	20	11	7	20	17	33

VIP Inds. Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	2.23	4.08	3.3	4.7	6.03	8.97	10.28	7.91	-6.9	4.73	10.75
CEPS(Rs)	3.63	5.29	4.54	5.71	6.99	9.88	11.46	14.05	-1.38	9.68	15.95
DPS(Rs)	1	1.7	1.5	2	2.4	3	3.2	3.2	0	2.5	4.5
Book NAV/Share(Rs)	18.23	20.31	21.64	24.01	28.87	34.61	41.05	42.97	36.26	38.85	44.41
Core EBITDA Margin(%)	8.24	8.33	7.42	8.9	10.13	13.44	12.48	15.67	-8.96	10.22	13.91
EBIT Margin(%)	6.17	8.48	6.45	7.97	9.82	13.22	12.07	9.19	-13.05	7.87	10.01
Pre Tax Margin(%)	5.31	8.07	6.16	7.71	9.62	13.05	11.86	7.86	-17.33	6.02	8.63
PAT Margin (%)	3.69	5.84	4.38	5.38	6.52	8.73	8.01	5.92	-13.56	4.68	6.69
Cash Profit Margin (%)	6.01	7.56	6.03	6.53	7.57	9.62	8.93	10.51	-2.72	9.57	9.92
ROA(%)	6.42	12.35	9.87	12.34	14.39	18.49	15.85	9.7	-7.54	4.7	9.44
ROE(%)	12.6	21.17	15.72	20.61	22.81	28.26	27.17	18.82	-17.42	12.61	25.85
ROCE(%)	16.88	27.87	21.43	28.49	33.68	42.79	37.83	26.51	-14.29	16.63	30.29
Receivable days	48.88	36.79	35.37	38.51	37.76	37.44	47.86	54.7	105.56	46.83	37.97
Inventory Days	61.83	59.29	69.07	76.05	79.64	75.31	84.95	94.26	190.3	104.65	88.59
Payable days	56.35	58.57	69.51	75.43	78.65	90.44	107.36	139.9	228.56	128.3	109.47
PER(x)	27.14	25.62	28.27	22.32	32.65	35.32	47.28	30.36	0	157.31	53.28
Price/Book(x)	3.32	5.14	4.31	4.37	6.82	9.15	11.84	5.59	9.77	19.16	12.9
Dividend Yield(%)	1.65	1.63	1.61	1.9	1.22	0.95	0.66	1.33	0	0.34	0.79
EV/Net Sales(x)	1.05	1.52	1.28	1.22	2.21	3.16	3.89	1.99	8.19	8.24	3.97
EV/Core EBITDA(x)	12.19	17.43	16.4	13.24	19.54	21.74	29.48	11.05	-319.15	58.26	24.75
Net Sales Growth(%)	-2.63	16.14	7.7	16.11	2.88	12.63	26.61	-3.94	-63.92	108.47	61.48
EBIT Growth(%)	-49.76	58.87	-18.11	43.46	30.38	49.69	14	-20.64	-154.03	219.92	102.57
PAT Growth(%)	-53.38	82.87	-19.17	42.65	28.21	48.75	14.61	-23.09	-187.25	168.65	127.61
EPS Growth(%)	-53.38	82.87	-19.17	42.65	28.21	48.75	14.61	-23.09	-187.25	168.58	127.29
Debt/Equity(x)	0.16	0.06	0.1	0.04	0	0	0.15	0.05	0.3	0.22	0.29
Current Ratio(x)	1.73	2.11	2.09	2.05	2.71	2.42	1.91	1.89	1.84	1.74	1.61
Quick Ratio(x)	1.02	1	0.89	0.85	1.24	1.26	0.8	0.87	1.09	0.74	0.68
Interest Cover(x)	7.19	21.14	22.4	30.45	48.94	79.97	56.68	6.88	-3.05	4.27	7.26
Total Debt/Mcap(x)	0.05	0.01	0.02	0.01	0	0	0.01	0.01	0.03	0.01	0.02

VIP Inds. Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	50.27	50.39	50.79	51.33	51.32	51.3	51.29	51.22	51.76	51.76
FII	5.84	8.63	8.84	8.95	9.33	9.03	8.95	7.74	7.49	8.07
DII	23.6	21.36	20.8	20.58	19.87	20.9	20.82	14.72	12.83	12.69
Public	20.29	19.62	19.57	19.14	19.48	18.77	18.94	26.32	27.91	27.49
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	7.11	7.13	7.19	7.27	7.27	7.27	7.27	7.27	7.35	7.35
FII	0.83	1.22	1.25	1.27	1.32	1.28	1.27	1.1	1.06	1.15
DII	3.34	3.02	2.94	2.91	2.81	2.96	2.95	2.09	1.82	1.8
Public	2.87	2.78	2.77	2.71	2.76	2.66	2.68	3.74	3.96	3.9
Others	0	0	0	0	0	0	0	0	0	0
Total	14.14	14.15	14.15	14.16	14.16	14.17	14.17	14.19	14.19	14.2

Pros

Debtor days have improved from 128.3 to 109.47days.
Company is almost debt free.

Cons

Company has a low return on equity of 7% over the last 3 years.
Stock is trading at 10.4 times its book value.
The company has delivered a poor profit growth of 3% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.