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VIP Industries Ltd.’s Q4 FY21 net sales was in line with our forecast; however, its profitability was weaker than our forecast.
Its net sales fell 22% YoY at Rs 2,430 – the fall in net sales is higher than fall in net sales for Safari Industries Ltd. (down 7% YoY to Rs 1,329 million).
It is concerning that the company continued to lose market share; it aims to recover it when things normalize.
The company’s Ebitda fell 90% YoY at Rs 32 million and it reported net loss of Rs 38 million in Q4 FY21.
We have cut our FY23 sales/Ebitda estimate by 32%/53% as we anticipate the second wave of Covid-19 to affect H1 FY22 sales severely.
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