We retain our positive stance on VIP Industries with a fair value of Rs. 775 (Rs.700). The Company posted revenue growth of 71% in line with our estimates. The growth is also in line with the improvement in domestic air passenger traffic which stood at 92% of pre covid levels. The company does not see any disruption in demand and is gearing up for a strong summer led by the reopening of schools/colleges. Focus remains on capacity expansion in India and Bangladesh to cater to rising demand as internal sourcing shifts to 6570% of overall sales. This should enable further margin expansion. Management remains resolutely focused on branding and distribution to increase...