BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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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