VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only 9% QoQ fall in sales). Interestingly, its gross margin improved to 60% from 47% in Q4FY21 as it procured nearly 90% of luggage from its captive Bangladesh plants. As per the management, the gross margin is sustainable. Q1FY22 EBITDA jumped up nearly 3x QoQ to Rs129 mn and...