Buy VIP Industries, target price Rs 603: Prabhudas Lilladher
VIP Industries key Products/Revenue Segments include Soft Luggage, Scrap and Export Incentives for the year ending 31-Mar-2023.
By ETMarkets.com | Updated:
iStock
Prabhudas Lilladher has buy call on VIP Industries with a target price of Rs 603. The current market price of VIP Industries is Rs 525.55.
VIP Industries, incorporated in the year 1968, is a Mid Cap company (having a market cap of Rs 7462.26 crore) operating in Plastics sector.
VIP Industries key Products/Revenue Segments include Soft Luggage, Scrap and Export Incentives for the year ending 31-Mar-2023.
Financials
For the quarter ended 31-12-2023, the company has reported a Consolidated Total Income of Rs 549.08 crore, up .08 % from last quarter Total Income of Rs 548.66 crore and up 3.80 % from last year same quarter Total Income of Rs 528.98 crore. Company has reported net profit after tax of Rs 7.15 crore in latest quarter.
The company's top management includes Mr.Dilip G Piramal, Ms.Radhika Piramal, Mr.Anindya Dutta, Ms.Neetu Kashiramka, Mr.Amit Jatia, Mr.Ramesh Damani, Ms.Nisaba Godrej, Mr.Tushar Jani. Company has Price Waterhouse?LLP as its auditors. As on 31-12-2023, the company has a total of 14 crore shares outstanding.
We upgrade VIP to a BUY (earlier HOLD) with a revised TP of Rs603 (earlier Rs589) after assigning a multiple of 33x (earlier 38x) as we roll forward to FY26E. Our upgrade is driven by 30% correction over last 6 months and the ensuing valuation comfort (VIP trades at ~17% discount to its LPA history of past 10 years).
Promoter/FII Holdings
Promoters held 51.76 per cent stake in the company as of 31-Dec-2023, while FIIs owned 7.49 per cent, DIIs 12.81 per cent.
VIP Industries, incorporated in the year 1968, is a Mid Cap company (having a market cap of Rs 7462.26 crore) operating in Plastics sector.
VIP Industries key Products/Revenue Segments include Soft Luggage, Scrap and Export Incentives for the year ending 31-Mar-2023.
Financials
For the quarter ended 31-12-2023, the company has reported a Consolidated Total Income of Rs 549.08 crore, up .08 % from last quarter Total Income of Rs 548.66 crore and up 3.80 % from last year same quarter Total Income of Rs 528.98 crore. Company has reported net profit after tax of Rs 7.15 crore in latest quarter.
The company's top management includes Mr.Dilip G Piramal, Ms.Radhika Piramal, Mr.Anindya Dutta, Ms.Neetu Kashiramka, Mr.Amit Jatia, Mr.Ramesh Damani, Ms.Nisaba Godrej, Mr.Tushar Jani. Company has Price Waterhouse?LLP as its auditors. As on 31-12-2023, the company has a total of 14 crore shares outstanding.
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Investment RationaleWe upgrade VIP to a BUY (earlier HOLD) with a revised TP of Rs603 (earlier Rs589) after assigning a multiple of 33x (earlier 38x) as we roll forward to FY26E. Our upgrade is driven by 30% correction over last 6 months and the ensuing valuation comfort (VIP trades at ~17% discount to its LPA history of past 10 years).
Promoter/FII Holdings
Promoters held 51.76 per cent stake in the company as of 31-Dec-2023, while FIIs owned 7.49 per cent, DIIs 12.81 per cent.
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