Buy V-Guard Industries; target of Rs 320: ICICI Direct
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Summary:
ICICI Direct's research report on V-Guard Industries
V-Guard’s Q4FY21 performance was much ahead of our estimates on all fronts. A favourable base, dealer additions, launches of new products and market share gains from unorganised/regional players drive strong sales growth in Q4FY21. According to the management, V-Guard will continue to focus on expanding distribution network in non-south regions (~40% of revenue), improving mix towards premium product launches (for better gross margins). The company has plans to leverage technology benefit from its recent investment in battery startup ‘Gegadyne Energy’ for launching new products in the coming future. In the near term, lockdown related disruption are likely to hit demand and margin of the company. Hence, we revise our revenue, PAT gu ...
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