V-Guard Industries - Result Update - Nirmal Bang

- V guard result was lower than market expectation.

- V guard net sales grew by 37% YoY to Rs 348.1 crore and by 11.6% QoQ mainly contributed by growth in Electronics and Electricals segment which grew by 44.1% YoY and 34% YoY respectively.

- EBITDA for the quarter grew by 13.6% YoY to Rs 25.7 crores and down by 14.3% QoQ. EBITDA margin down by 150bps YoY to 7.4% in Q3FY13 on account of jump in other expenses as a % of sales and decline in EBIT margin of Electronics and Others.

- PAT for the quarter was Rs. 15.4 crore in Q3FY13, jump by 23.3% YoY though it was contracted by 14.6% QoQ. The jump in other income and sales helped in the steady growth profitability for the company.

- PAT margin stood at 4.4% in Q3FY13 as against 4.9% in Q3FY12 and 5.8% in Q2FY13.

- We will come up with the view on the stock after the scheduled concall with the management today.

Source : Equity Bulls

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