V-Guard Industries Ltd. News and Updates

Name: Latest research reports of V-Guard Industries Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: V-Guard Industries Ltd.
Rating: 5
Author: ICICI Securities Limited

Keep track of all breaking news on V-Guard Industries Ltd. from all sources in a single place.

Load latest

V-Guard Industries Ltd.

30 Oct 2020

353.10

1.36%

V-Guard Industries

Buy: V-Guard Industries Ltd.

ICICI Securities Limited

Various cost optimisation measures to protect margins The company witnessed QoQ increase in EBITDA margin led by various cost optimisation measures. On a YoY basis, the base quarter includes ~| 10.2 crore of Esop provision. Adjusting with one-off expense in Q2FY20 and Q2FY21, EBITDA margin would see an improvement of 70 bps YoY. The...

V-Guard Industries L.. has an average target of 451.25 from 4 brokers.

V-Guard Industries Ltd.

29 Oct 2020

353.10

1.36%

V-Guard Ind

Sell: V-Guard Industries Ltd.

Target

Dolat Capital

V guard saw flat sales at Rs6.2bn, while EBIDTA was down 5% YoY at Rs739mn with EBIDTA margins were down 54bps YoY at 12%. PAT was down 13% at Rs500m. Cash generated from operations was strong at in 1HFY21 at Rs3.2bn vs Rs1.5bn YoY, as working capital has improved...

V-Guard Industries L.. has an average target of 451.25 from 4 brokers.

V-Guard Industries Ltd.

29 Oct 2020

353.10

1.36%

V-Guard Ind

Buy: V-Guard Industries Ltd.

Sharekhan

We retain Buy on V-Guard Industries Limited (V-Guard) with an unchanged PT of Rs. 211, considering its reasonable valuations and improving business operations V-Guard reported flat revenues with stable operating margins in line with estimates. Higher tax rate in Q2FY21 vs Q2FY20 and lower other income led to 12.7% decline in net profit. Management expects to get back on to the growth path with rebound in business environment and expects revenue to remain flat y-o-y in FY21 and cost saving measures initiated would aid margin expansion in H2FY21. The company's strong balance sheet, cash flow and reputed brand along with strong...

V-Guard Industries L.. has an average target of 451.25 from 4 brokers.

V-Guard Industries Ltd.

23 Jul 2020

353.10

1.36%

V-Guard Ind

Sell: V-Guard Industries Ltd.

Dolat Capital

The company has moved ahead with various transformational initiatives which it had embarked on over the last few years. Through a reoriented marketing strategy, it is shifting gears in the non-south markets as well as preparing for the Ecom channel. It has plans to expand its presence in the non-South region by enhancing distribution network and brand visibility. Its A&P; thrust will be on non-south markets, where it expects to gain share. Its product launches also get transformed. Typically, product introductions are made in the Kerala market followed by the other...

V-Guard Industries L.. has an average target of 451.25 from 4 brokers.

V-Guard Industries Ltd.

16 Jul 2020

353.10

1.36%

V-Guard Ind

Buy: V-Guard Industries Ltd.

Target

Sharekhan

Market demand at 80-85% of normal in August-September, while factories are currently operating at 70-80%. The company is set to increase inventory to cater to demand surge in the festive season.. Launch of e-commerce exclusive products. Expect scale up in appliance revenue with key role played by the e-commerce segment. Targeting acquisitions with appetite for Rs. 500 crore-600 crore acquisition size to...

V-Guard Industries Ltd. is trading below all available SMAs

V-Guard Industries Ltd.

03 Jun 2020

353.10

1.36%

V-Guard Industries

Buy: V-Guard Industries Ltd.

Recommendation Target

ICICI Securities Limited

The second half of March happens to be a strong revenue booking period for V-Guard due to significant offtake of summer based products and annual closing of incentive schemes of various products. According to the company, the lockdown situation impacted revenue, EBITDA to the tune of | 250 crore, | 70 crore, respectively, in FY20. Adjusted with Covid-19 impact, FY20 revenue, EBITDA would have been up 6%, 47%, respectively. Further, the company's improved product mix, benign raw material prices helped drive gross margin up ~330 bps YoY in FY20. It has further guided that while...

V-Guard Industries Ltd. is trading below all available SMAs

V-Guard Industries Ltd.

02 Jun 2020

353.10

1.36%

Once again, V-Guard missed estimates with a wide margin, with its performance being weak...

Hold: V-Guard Industries Ltd.

Emkay

Once again, V-Guard missed estimates with a wide margin, with its performance being weaker than peers. Gross margin continued to expand, while now base catch-up has happened. The sharp fall in revenues and stable costs led to 42% EBITDA decline yoy. Majority of the revenue recovery has happened in rural and suburban areas, while metros yet to open up fully. The management remained confident on sustained gross margin expansion (+390bps in FY20). FY21 capex would be Rs400mn vs. Rs850mn in FY20. In the wake of extended lockdowns delaying recovery, we have cut FY21/FY22 revenue estimate by 8%/7%; however, the EPS cut has been restricted to 14%/4% on gross and...

V-Guard Industries Ltd. is trading below all available SMAs

V-Guard Industries Ltd.

02 Jun 2020

353.10

1.36%

V-Guard Ind

Buy: V-Guard Industries Ltd.

Target

Sharekhan

V-Guard Industries Limited's (V-Guard) Q4FY2020 revenue declined sharply by 27.5% y-o-y (below estimates), as it was affected by COVID-19 led Lockdown in the last few days of March 2020 (peak season), which impacted sales worth Rs. 250 crore. Loss of sales during March was more adverse as the second half of March tends to be big due to pre-build of summer products at the trade and due to closing of annual schemes and incentives. The company witnessed a decline in revenue across segments, such as electronics (down 26.8% y-o-y), electrical (down 31.8% y-o-y), and consumer durable (down 19.5% y-o-y). Regionally, nonsouth market revenue declined by 21.2%, while south markets were lower by 31.2%...

V-Guard Industries L.. has an average target of 451.25 from 4 brokers.

V-Guard Industries Ltd.

09 Apr 2020

353.10

1.36%

V-GUARD INDUSTRIES LIMITED

Accumulate: V-Guard Industries Ltd.

Target

Geojit BNP Paribas

V-Guard Industries Ltd (VGIL) is one of leading player in Electrical consumer durables space. Its major product segment includes Stabilizers, cables & wires, UPS, pumps and Electrical appliances. We upgrade VGIL to Accumulate from Hold as we believe that near...

V-Guard Industries L.. has an average target of 451.25 from 4 brokers.

V-Guard Industries Ltd.

08 Nov 2019

353.10

1.36%

V-Guard Industries (2QFY20): Mixed bag. Downgrade to NEUTRAL

Neutral: V-Guard Industries Ltd.

Recommendation Target

HDFC Securities

After a mixed bag in FY19, this year was expected to be solid for revenue acceleration and recovery in margins. 1HFY20 has seen margin recovery but revenue growth was challenged due to various issues. We expect partial recovery in revenue growth in 2HFY20. We believe various disruptions (Demon, GST, Floods) over the last 2 years delayed the benefits from its non-south investment. Co had taken a hard decision last year to invest significantly on branding to grow its consumer business. We believe over the next 3 years (FY19-22E), V-Guard will be able to expand its EBITDAM by 200bps. We expect co's up-front investments on newer products to start accruing benefits. V-Guards 2Q performance was mixed with miss in revenue but beat in margins. Cables and Stabilizers were the outliers, while other products were under pressure owing to floods, short term supply issue, competition and weak macros. Adjusted EBITDA grew by robust 35% led by 39 quarter high gross margin at 33.8%. We expect a pickup in revenues in 2HFY20 and margin expansion. However, we cut EPS by 4% to factor muted south performance, slower consumer durables and higher tax rate. We value V-Guard at 35x on Sep-21 EPS, with TP of Rs 242. With limited upside, we downgrade to NEUTRAL.

V-Guard Industries Ltd. is trading below all available SMAs

Is V-Guard Industries Ltd. worth buying?

254 Votes:

Buy 74.02%

Sell 17.72%

Hold 8.27%

RESEARCH REPORTS

Accumulate SEE REPORTS >

pdf

Buy SEE REPORTS >

pdf