BSE Code: | NSE Code: | ISIN: | Sector:

NSE
235.15
Change Change %
-8.45 -3.47%

Updated:18 Jan, 2018, 15:53 PM IST

BSE
235.55
Change Change %
-7.30 -3.01%

Updated:18 Jan, 2018, 16:01 PM IST

Research Report Detail

Brokerage
Analyst
Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
Edelweiss
N/A
02-08-2017 Hold 182.20 163.00
N/A
Target Hit Long (1Y)
02-08-2018

Edelweiss maintains hold on V-Guard Industries

V-Guard Industries reported flat revenue as it lost 2 weeks of sales (INR700-800mn) due to significant channel destocking and build-up of inventory at its excise-free Kashipur factory. Management expects revenue to stabilise as restocking begins with majority of price increase having finished. Margin, at 5.8%, (down 600bps YoY) was impacted by 130bps dip in gross margin (led by increase in raw material costs), one-off expenses (INR10mn for setting up Sikkim factory, INR30mn ESOP charges) and increase in employee cost (200bps impact on margin). One of the key sectoral observations was 6-8% price hike by unorganised players, which we believe was due to GST impact.

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