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Prabhudas Lilladher Report
Recently, we hosted VIP Industries Ltd. for a roadshow wherein management highlighted plans to-
scale brand Caprese by five times,
increase exports share to 15% and
double the number of exclusive brand outlets to ~1,000 over next three years.
The upstream transformational journey continues with plans to further backward integrate into manufacturing of trolleys, wheels and locks (forms ~35-50% of the cost).
We believe benefits of owning the chain (share of in-house manufacturing to be at ~75-80% in FY23E) will start reflecting soon, as input cost pressure has started stabilising.
On the demand front, outlook continues to remain robust and VIP Industries is on track to achieve Rs 20 billion in top-line with an Ebitda margin of ~18-19% in FY23E.
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