VIP has reported second straight strong quarter with significant improvement in revenues, operating margins and earnings. This is on the back of improving luggage penetration in the country and sustained efforts by the company to improve its performance. Sales was reported at Rs 3.09 bn (+8% YoY). EBIDTA margin was reported at 11.3% (+210 bps YoY) with improving volumes and realisations and lower raw material cost. Consequently, PAT was reported at Rs 242 mn (+33% YoY). We estimate the company to be a major beneficiary of increasing penetration of luggage bags and back-packs in the country and...