Sharekhan's research report on V Guard Industries
Standalone revenue growth of 9.9% to Rs. 1,185 crore was led by strong performance in electronics (27.9%), while electricals and consumer durables had a moderate growth of 1.2% and 8.1% respectively. Standalone net profit was flat, hit by lower operating margins. OPM fell 92 bps on higher advertisement expenses in the Sunflame business. In-house manufacturing mix to increase to 75% over the next 12-18 months from 65% currently.
Outlook
We retain a Buy with a PT of Rs. 460, given its positive business outlook and revival in Sunflame business.
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