ICICI Direct's research report on VIP Industries
VIP Industries is one of Asia’s leading seller/manufacturer of various type of luggage’s, backpacks and handbags. VIP has a range of leading brands, positioned across entire price range, catering to value (Aristocrat) mid (VIP, Skybags) and premium (Carlton, Caprese) price points. Market leader in the organised luggage space (oligopoly market) VIP has, over the years, maintained balance sheet prudence with stringent working capital policy, virtually debt free status and healthy RoCE: 30%+
Outlook
We maintain BUY recommendation on the stock We value VIP at Rs 525 i.e.42x FY23E EPS (earlier Rs 420)
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