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IDBI Capital Report
VIP Industries Ltd.'s Q4 FY22 results were stronger than our forecasts. Its net sales increased by 46% to Rs 3.5 billion led by rise in leisure travel.
The company witnessed an improvement of 951 basis points YoY in gross margin to 53%.
Also, strong growth in sales led to Ebitda margin expansion of 784 bps YoY to 9.2%.
VIP Industries reported a net profit of Rs 124 million in Q4 FY22 compared to loss of Rs 63 million in Q4 FY21. We make minor changes to our FY23-24 forecasts.
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