Our interaction with management of VIP reveals 1) price hike of 4.5% has been taken from 15th Nov to counter inflationary trends 2) capex plan of ~Rs500mn odd is on the anvil to expand capacity at Bangladesh and Nashik and 3) ocean freight is at abnormally high levels due to scarcity of containers resulting in SKU shortages. However, VIP has tied-up with contract manufacturers to counter this problem temporarily. Anticipating a normal sales season in 1QFY23, inventory stocking is expected in 2HFY22 (out of Rs3.2bn of...