VIP Industries reported a disappointing set of numbers for Q3FY19 on EBITDA and PAT fronts. The consolidated revenue for the quarter, grew by 27.2% yoy and 7% qoq to Rs430cr. EBITDA came in at Rs38cr, down 8.2% yoy and down 26% qoq. EBITDA margin contracted by 339bps yoy and 392bps qoq to 8.8%. Consolidated PAT for the quarter declined by 11.4% yoy and by 27.4% qoq to Rs24cr.
Gross margins declined by 430bps yoy and 305bps qoq to 46.7%. The average polymer prices during the quarter have been declining, which is likely to have impacted the margins.
On yoy basis, other expenses declined by 143bps yoy but the same was higher by 66bps qoq. Employee cost was higher by 51bps yoy and 21bps qoq.
Depreciation expense increased by 30.2% yoy and 13.1% qoq to Rs4cr. Interest expense increased from Rs0.1cr in Q3FY18 to Rs0.7cr in Q3FY19.
Other income increased by 42.7% yoy and 34.3% qoq to Rs2.7cr.
V I P Industries Ltd is currently trading at Rs. 492.50, down by 22.25 points or 4.32% from its previous closing of Rs. 514.75 on the BSE.
The scrip opened at Rs. 512.05 and has touched a high and low of Rs. 514 and Rs. 479.35 respectively. So far 6,30,226 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
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