Vippy Spinpro Ltd

₹ 168 -2.18%

30 May - close price

About

Vippy Spinpro was established in 1992 and is engaged in manufacturing of cotton yarn. The Company specializes in slub yams, fancy yarns, multi count yarns and multi twist yarns, waxed yarn plied yarn etc.^[1]

Key Points

Business Area^[1] VSL manufactures open-ended cotton yarn through rotor spinning technology at its facility located in Dewas near Indore, Madhya Pradesh (MP)As on December 31, 2022, VSL has an installed capacity of 3,168 rotors or 9,000 MTPA for manufacturing cotton yarn for counts ranging from 4s to 32s.

Manufacturing Facilities^[2] The factory campus is spread over 5 acres of land in Dewas which is in close proximity to Indore, a main commercial city in the state of M.P., the major cotton-producing area.

Website BSE

Market Cap ₹ 98.8 Cr.
Current Price ₹ 168
High / Low ₹ 218 / 91.1
Stock P/E 9.22
Book Value ₹ 122
Dividend Yield 0.00 %
ROCE 17.1 %
ROE 16.3 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 27.4% CAGR over last 5 years
Debtor days have improved from 58.1 to 46.3 days.
Company's working capital requirements have reduced from 132 days to 90.9 days

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of 8.25% over past five years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Textiles Industry: Textiles - Cotton/Blended

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	25.27	10.71	19.50	25.98	31.39	33.08	35.29	34.81	36.24	44.66	31.56	32.89	47.22
	23.70	11.44	18.43	23.61	27.16	30.13	29.43	31.22	31.78	37.40	26.36	31.01	44.87
Operating Profit	1.57	-0.73	1.07	2.37	4.23	2.95	5.86	3.59	4.46	7.26	5.20	1.88	2.35
OPM %	6.21%	-6.82%	5.49%	9.12%	13.48%	8.92%	16.61%	10.31%	12.31%	16.26%	16.48%	5.72%	4.98%
	0.12	0.02	0.11	0.16	0.08	0.06	0.18	0.39	0.43	0.12	0.36	0.28	0.36
Interest	0.15	0.19	0.05	0.03	0.05	0.03	0.17	0.04	0.01	0.15	0.00	0.00	0.36
Depreciation	0.46	0.39	0.39	0.39	0.39	0.33	0.33	0.33	0.33	0.30	0.30	0.30	2.01
Profit before tax	1.08	-1.29	0.74	2.11	3.87	2.65	5.54	3.61	4.55	6.93	5.26	1.86	0.34
Tax %	-11.11%	0.78%	-1.35%	19.91%	27.65%	25.28%	25.27%	24.93%	26.15%	25.25%	25.10%	26.34%	35.29%
Net Profit	1.20	-1.28	0.75	1.70	2.80	1.98	4.14	2.70	3.35	5.19	3.94	1.37	0.22
EPS in Rs	2.04	-2.18	1.28	2.90	4.77	3.37	7.05	4.60	5.71	8.84	6.71	2.33	0.37
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	102	89	100	95	88	98	105	114	111	88	139	156
	95	81	92	87	81	93	98	105	104	81	123	140
Operating Profit	7	8	8	8	7	5	7	9	7	7	17	17
OPM %	7%	9%	8%	8%	7%	6%	7%	8%	6%	8%	12%	11%
	1	1	1	1	1	1	0	0	1	0	1	1
Interest	2	3	1	1	0	0	1	1	1	0	0	1
Depreciation	3	3	2	3	2	2	2	2	2	2	1	3
Profit before tax	3	4	5	5	5	5	5	6	5	5	16	14
Tax %	31%	29%	31%	32%	32%	29%	30%	25%	16%	27%	25%	26%
Net Profit	2	2	3	3	3	3	3	4	4	4	12	11
EPS in Rs	3.99	4.26	5.42	5.54	5.26	5.66	5.84	7.61	6.46	6.76	20.73	18.25
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	8%
3 Years:	12%
TTM:	12%

Compounded Profit Growth
10 Years:	16%
5 Years:	27%
3 Years:	42%
TTM:	-11%

Stock Price CAGR
10 Years:	35%
5 Years:	30%
3 Years:	63%
1 Year:	57%

Return on Equity
10 Years:	13%
5 Years:	14%
3 Years:	16%
Last Year:	16%

Balance Sheet

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	6	6	6	6	6	6	6	6	6	6	6	6
Reserves	11	14	17	20	23	27	30	35	38	42	55	65
	27	25	25	12	5	15	18	20	9	3	14	29
	6	6	6	6	6	4	5	8	6	7	7	15
Total Liabilities	50	50	53	43	39	52	58	69	58	58	81	115
	16	17	15	13	11	11	16	15	13	11	10	60
CWIP	1	0	0	0	0	0	0	0	0	0	4	0
Investments	0	0	0	0	0	1	0	0	0	0	0	0
	33	33	38	30	28	41	42	53	45	47	67	55
Total Assets	50	50	53	43	39	52	58	69	58	58	81	115

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-2	5	1	12	7	-9	5	-1	11	5	-7	27
	-1	-3	-0	-0	-0	-1	-7	-1	1	0	-4	-48
	3	-2	-0	-12	-7	10	2	1	-12	-6	10	21
Net Cash Flow	-0	-0	0	-0	-0	-0	0	-0	0	0	-0	0

Ratios

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	35	34	49	38	31	32	45	58	68	72	56	46
Inventory Days	88	125	99	85	94	127	103	127	95	154	135	87
Days Payable	4	5	2	1	2	0	2	11	4	8	6	4
Cash Conversion Cycle	119	154	145	123	123	159	147	173	159	218	185	129
Working Capital Days	90	105	111	90	88	121	128	145	129	163	142	91
ROCE %	12%	14%	13%	14%	14%	11%	11%	12%	9%	11%	26%	17%

Shareholding Pattern

Numbers in percentages

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
65.17	65.68	65.94	66.53	66.58	66.58	66.58	66.58	66.58	66.57	66.57	66.57
0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
34.76	34.26	34.00	33.41	33.36	33.36	33.36	33.36	33.36	33.35	33.36	33.35

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
54.76	58.88	62.39	65.16	66.53	66.58	66.57
0.06	0.06	0.06	0.06	0.06	0.06	0.06
45.18	41.06	37.55	34.78	33.41	33.36	33.35

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Vippy Spinpro Ltd

Vippy Spinpro Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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