Since revenue contribution for VIP is skewed towards the first quarter of the financial year (~30% of revenue), disruption on the supply side may pose a risk to growth for FY21. We remain cautious on the near term outlook, amid headwinds faced by the luggage industry. Owing to its healthy balance sheet (D/E: 0.1x, NWC days: 85) and strong brand patronage among consumers, VIP's business model has the inherent ability to tide over tough market conditions. Furthermore, owing to its strong manufacturing capacity (Bangladesh: soft luggage, India: hard luggage), it is well placed compared...