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V-Guard Industries Ltd. saw a good Q4 with sales, Ebitda and profit after tax growing by 58%, 143% and 110% YoY, sales and profit after tax were in-line while Ebitda beat estimates.
Margins have improved 450 basis points despite pressure on input cost mainly due to cost rationalisation effort on selling, general and administrative expenses.
Working capital was higher as the company made a strategic call to hold 15 days’ inventory to tackle the lockdown dynamics.
Its focus on non-South markets continue, as reflected in higher growth and increasing mix of non-South markets, though South continues to fetch better Ebitda margins.
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