VIP Industries reported a good set of numbers for Q2FY19. The consolidated revenue for the quarter grew by 29.9% yoy but down 22.4% to Rs402cr. EBITDA came in at Rs51cr, up 39.6% yoy but down 46.9% qoq. EBITDA margin expanded by 88bps yoy but contracted by 587bps qoq to 12.7%. Consolidated PAT for the quarter grew by 37.7% yoy to Rs33cr.
Revenue growth is likely to have been aided by stronger volumes. The domestic air traffic remained strong during Q2FY19 (consecutive months of ~20% yoy growth) which leads to higher demand for luggage.
EBITDA margin contraction on qoq basis was on account of lower revenues and potential impact of forex movement.
Gross margins expanded by 149bps yoy aiding overall EBITDA margin expansion. Gross margin contraction on qoq basis was 63bps.
Employee costs declined by 65bps yoy but up 380bps qoq, while other expenses was up 126bps yoy and 143bps qoq as a percentage of sales.
Depreciation expense increased by 31% yoy to Rs3.9cr, while other income declined by 26.4% yoy to Rs2cr.
V I P Industries Ltd ended at Rs. 445.20, up by 18.8 points or 4.41% from its previous closing of Rs. 426.40 on the BSE.
The scrip opened at Rs. 425 and touched a high and low of Rs. 451.30 and Rs. 425 respectively. A total of 4,46,409 (NSE+BSE) shares were traded on the counter. The stock traded above its 100 DMA.
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