InCred Equities - VIP Industries Limited

	Mar-19A	Mar-20A	Mar-21A	Mar-22A
Revenue (Rsm)	17,847	17,144	6,199	12,895
Operating EBITDA (Rsm)	2,247	2,942	(639)	1,444
Net Profit (Rsm)	1,453	1,117	(961)	669
Core EPS (Rs)	10.3	11.3	(6.8)	4.7
Core EPS Growth	14.6%	10.3%	(160.0%)	(169.6%)
FD Core P/E (x)	25.78	33.52	(38.96)	55.95
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	16.98	12.66	(57.40)	26.36
P/FCFE (x)	81.13	24.47	60.88	40.96
Net Gearing	12.4%	(3.1%)	(14.9%)	11.0%
P/BV (x)	6.44	6.14	7.24	6.69
ROE	27.1%	26.9%	(17.1%)	12.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-19A	Mar-20A	Mar-21A	Mar-22A
Total Net Revenues	17,847	17,144	6,199	12,895
Gross Profit	8,803	9,084	2,538	6,445
Operating EBITDA	2,247	2,942	(639)	1,444
Depreciation And Amortisation	(166)	(868)	(779)	(700)
Operating EBIT	2,081	2,074	(1,418)	744
Financial Income/(Expense)	(15)	(230)	(298)	(246)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	83	125	484	364
Profit Before Tax (pre-EI)	2,149	1,969	(1,232)	862
Exceptional Items
Pre-tax Profit	2,149	1,969	(1,232)	862
Taxation	(697)	(367)	271	(192)
Exceptional Income - post-tax		(485)
Profit After Tax	1,453	1,117	(961)	669
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,453	1,117	(961)	669
Recurring Net Profit	1,453	1,602	(961)	669
Fully Diluted Recurring Net Profit	1,453	1,602	(961)	669

(Rs mn)	Mar-19A	Mar-20A	Mar-21A	Mar-22A
EBITDA	2,247	2,942	(639)	1,444
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,113)	553	1,390	(1,901)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(27)	190	(249)	(9)
Other Operating Cashflow	76	(132)	677	561
Net Interest (Paid)/Received	(15)	(230)	(298)	(246)
Tax Paid	(727)	(404)	(30)	(86)
Cashflow From Operations	(559)	2,920	851	(237)
Capex	(591)	(443)	164	(340)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	750	(407)	(1,615)	1,801
Cash Flow From Investing	159	(850)	(1,451)	1,461
Debt Raised/(repaid)	862	(540)	1,215	(310)
Proceeds From Issue Of Shares				0
Shares Repurchased
Dividends Paid	(541)	(861)	(4)	(355)
Preferred Dividends
Other Financing Cashflow	(13)	(670)	(476)	(591)
Cash Flow From Financing	307	(2,070)	735	(1,255)
Total Cash Generated	(93)	(1)	135	(31)
Free Cashflow To Equity	462	1,530	615	914
Free Cashflow To Firm	(385)	2,300	(303)	1,471

(Rs mn)	Mar-19A	Mar-20A	Mar-21A	Mar-22A
Total Cash And Equivalents	142	511	2,305	614
Total Debtors	2,986	2,674	1,485	2,185
Inventories	5,274	4,482	3,017	5,184
Total Other Current Assets	671	835	755	1,020
Total Current Assets	9,073	8,502	7,562	9,003
Fixed Assets	1,145	3,703	2,884	2,651
Total Investments	30	4	9	10
Intangible Assets
Total Other Non-Current Assets	465	473	711	513
Total Non-current Assets	1,639	4,180	3,604	3,175
Short-term Debt	862	322	1,537	1,227
Current Portion of Long-Term Debt
Total Creditors	3,184	2,913	1,540	2,824
Other Current Liabilities	651	669	567	876
Total Current Liabilities	4,696	3,904	3,644	4,927
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	26	2,373	2,017	1,394
Total Non-current Liabilities	26	2,373	2,017	1,394
Total Provisions	175	297	323	250
Total Liabilities	4,897	6,573	5,984	6,571
Shareholders Equity	5,814	6,101	5,172	5,597
Minority Interests
Total Equity	5,814	6,101	5,172	5,597

	Mar-19A	Mar-20A	Mar-21A	Mar-22A
Revenue Growth	26.6%	(3.9%)	(63.8%)	108.0%
Operating EBITDA Growth	16.2%	30.9%	(121.7%)	(326.0%)
Operating EBITDA Margin	12.6%	17.2%	(10.3%)	11.2%
Net Cash Per Share (Rs)	(5.09)	1.34	5.44	(4.34)
BVPS (Rs)	41.14	43.17	36.60	39.60
Gross Interest Cover	139.67	9.02	(4.77)	3.02
Effective Tax Rate	32.4%	18.6%		22.3%
Net Dividend Payout Ratio
Accounts Receivables Days	48.62	60.26	122.44	51.94
Inventory Days	170.29	220.90	373.71	232.02
Accounts Payables Days	107.05	138.05	221.93	123.48
ROIC (%)	31.0%	24.2%	(21.0%)	9.5%
ROCE (%)	36.0%	31.7%	(21.6%)	11.0%
Return On Average Assets	15.9%	15.7%	(5.6%)	7.8%

(91) 22 4161 1561 rohan.kalle@incredresearch.com