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IDBI Capital Report
VIP Industries Ltd.'s Q2 FY23 result was strong and ahead of our expectations. Net sales jumped 56% YoY to Rs 5.1 billion on account of strong improvement in tourism activities.
Despite gross margin falling by 99 basis points YoY to 48.1%, its Ebitda margin expanded 124 bps YoY to 13.9%. Ebitda jumped by 71% YoY on to Rs 716 million despite overall expenses increasing by 54% YoY at Rs 1.8 billion.
VIP Industries' adjusted net profit jumped to Rs 434 million in Q2 FY23 compared to Rs 185 million in Q2 FY22.
We raise our FY23 Ebitda forecast by 12% to factor better than expected Q2 FY23 Ebitda but make marginal changes to our FY24 forecasts.
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