VIP Clothing Ltd

₹ 22.8 -1.52%
16 Aug 12:05 p.m.
About

Maxwell Industries Limited was incorporated in 1991 by Mr. Jaykumar Pathare and was renamed VIP Clothing Limited in 2016. It is the first intimate innerwear brand. [1] [2] [3]
VIP Clothing is engaged in the business of Manufacturer, Marketing and Distributor of Mens and Womens innerwear and socks under the brand name VIP, Frenchie, Feelings, Leader, and Eminence.[4]

Key Points

Product and Brands
VIP Clothing Ltd. has been there for more than 40 years. It is engaged in the manufacturing and marketing of male underwear (briefs, trunks, boxer shorts, vests) and female basic intimate apparel (panties, camisoles, fundamental bras).
It markets the following brands and all of their sub-brands:
Frenchie was launched in the 80s and marked the advent of mini-brief in India. It has been present for 30 years and is the largest selling brand in its category. [1]
Frenchie X is present in the premium segment for youth where international brands are trying to enter.
VIP Feelings is present in the lingerie segment. This brand is known for its innovations and creation of categories such as Nursing Bra's, Sanitary Panties. which are made from 100% genuine elastic and are designed using fabrics with a Microbe Shield that provides effective solutions to microbial contamination. [2]
Leader consists of Vest, Briefs & Trunks for men and kids which are made from 100% combed cotton. [3] [4] [1]

  • Market Cap 188 Cr.
  • Current Price 22.8
  • High / Low 34.2 / 16.0
  • Stock P/E
  • Book Value 16.2
  • Dividend Yield 0.00 %
  • ROCE 2.23 %
  • ROE -1.65 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -4.66% over past five years.
  • Company has a low return on equity of -4.40% for last 3 years.
  • Earnings include an other income of Rs.4.90 Cr.
  • Promoter holding has decreased over last 3 years: -3.14%

* 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 - Products

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
57.40 49.68 35.14 30.54 17.65 42.17 41.52 41.72 23.40 59.86 49.80 48.70 50.47
54.39 55.64 44.43 34.03 19.45 39.94 39.95 40.73 26.02 54.11 51.26 45.13 50.89
Operating Profit 3.01 -5.96 -9.29 -3.49 -1.80 2.23 1.57 0.99 -2.62 5.75 -1.46 3.57 -0.42
OPM % 5.24% -12.00% -26.44% -11.43% -10.20% 5.29% 3.78% 2.37% -11.20% 9.61% -2.93% 7.33% -0.83%
0.64 1.45 0.17 0.51 0.12 0.82 0.27 0.85 0.64 0.92 1.44 0.75 1.79
Interest 2.33 2.45 2.44 3.16 2.78 2.62 2.81 2.70 2.24 2.20 2.49 2.33 2.43
Depreciation 0.81 0.82 0.83 1.78 1.00 0.99 1.00 0.94 0.93 0.98 0.97 0.97 0.90
Profit before tax 0.51 -7.78 -12.39 -7.92 -5.46 -0.56 -1.97 -1.80 -5.15 3.49 -3.48 1.02 -1.96
Tax % -23.53% 221.85% 2.82% -64.39% 6.04% 44.64% 332.49% 90.00% 21.36% 38.11% 30.75% -104.90% -3.06%
Net Profit 0.63 9.48 -12.04 -13.01 -5.14 -0.31 4.58 -0.19 -4.06 2.16 -2.41 2.09 -2.02
EPS in Rs 0.08 1.15 -1.46 -1.58 -0.62 -0.04 0.55 -0.02 -0.49 0.26 -0.29 0.25 -0.24

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
223 220 249 257 261 194 231 222 207 172 143 182 209
210 201 233 234 233 194 217 212 203 188 140 177 201
Operating Profit 13 18 16 23 28 -0 14 10 4 -16 3 5 7
OPM % 6% 8% 7% 9% 11% -0% 6% 5% 2% -9% 2% 3% 4%
6 6 5 1 0 7 -6 1 2 3 2 4 5
Interest 14 15 14 13 13 13 12 11 9 10 11 9 9
Depreciation 3 4 3 4 5 4 3 3 3 4 4 4 4
Profit before tax 2 6 4 8 11 -9 -8 -3 -7 -28 -10 -4 -1
Tax % 32% 25% 35% 34% 36% -5% 5% -18% 5% 46% 89% 46%
Net Profit 2 5 3 5 7 -10 -7 -3 -6 -15 -1 -2 -0
EPS in Rs 0.21 0.59 0.36 0.68 0.89 -1.20 -0.89 -0.37 -0.75 -1.81 -0.13 -0.27 -0.02
Dividend Payout % 39% 41% 53% 24% 27% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -2%
5 Years: -5%
3 Years: -4%
TTM: 40%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 18%
TTM: -1000%
Stock Price CAGR
10 Years: 3%
5 Years: -15%
3 Years: 21%
1 Year: 21%
Return on Equity
10 Years: -2%
5 Years: -4%
3 Years: -4%
Last Year: -2%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
31 24 24 24 17 13 13 17 17 17 17 17
Reserves 73 75 75 78 79 80 143 178 135 120 119 117
94 83 99 83 95 94 96 80 83 79 89 103
72 51 66 73 68 56 88 89 68 57 46 48
Total Liabilities 252 221 253 247 255 243 341 364 302 272 270 285
80 70 69 72 67 62 171 166 109 109 107 104
CWIP 0 0 0 0 2 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0
171 151 184 175 186 182 170 198 194 163 164 181
Total Assets 252 221 253 247 255 243 341 364 302 272 270 285

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-4 22 5 35 12 10 10 -17 7 14 6 -5
-1 8 -3 -5 -4 2 12 3 -1 3 -1 0
3 -29 -1 -31 -8 -11 -21 15 -6 -16 -2 2
Net Cash Flow -1 1 1 -1 -0 0 1 1 0 2 2 -3

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 86 78 83 80 106 103 84 107 106 103 154 121
Inventory Days 310 269 266 228 216 367 268 323 336 302 338 313
Days Payable 67 21 60 51 47 72 59 69 63 68 94 107
Cash Conversion Cycle 329 326 290 256 275 398 292 361 380 338 398 328
Working Capital Days 194 191 185 160 173 249 212 266 283 272 325 280
ROCE % 8% 8% 10% 11% 12% -2% 5% 3% 1% -8% 0% 2%

Shareholding Pattern

Numbers in percentages

1 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
52.67 52.67 52.67 52.67 52.96 53.00 53.05 53.08 53.15 53.26 49.52 49.53
0.43 0.43 0.43 0.43 0.27 0.27 0.27 0.27 0.27 0.47 0.36 0.27
0.09 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00
46.82 46.89 46.90 46.90 46.77 46.73 46.68 46.65 46.58 46.27 50.11 50.20

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