VIP Clothing Ltd

₹ 46.2 -1.07%

29 Nov - close price

vipclothing.in BSE: 532613 NSE : VIPCLOTHNG

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]

Website BSE NSE

Market Cap ₹ 382 Cr.
Current Price ₹ 46.2
High / Low ₹ 59.8 / 37.4
Stock P/E 335
Book Value ₹ 18.0
Dividend Yield 0.00 %
ROCE 4.92 %
ROE 1.35 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 21.2% CAGR over last 5 years

Cons

Stock is trading at 2.56 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -2.02% over past five years.
Company has a low return on equity of -0.35% over last 3 years.
Earnings include an other income of Rs.6.90 Cr.
Promoter holding has decreased over last 3 years: -3.38%

* 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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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	42.17	41.52	41.72	23.40	59.86	49.92	48.70	50.47	52.86	44.16	51.63	53.66	52.35
	39.94	39.95	40.73	26.02	54.11	51.26	45.13	50.89	50.26	40.04	46.99	50.13	51.67
Operating Profit	2.23	1.57	0.99	-2.62	5.75	-1.34	3.57	-0.42	2.60	4.12	4.64	3.53	0.68
OPM %	5.29%	3.78%	2.37%	-11.20%	9.61%	-2.68%	7.33%	-0.83%	4.92%	9.33%	8.99%	6.58%	1.30%
	0.82	0.27	0.85	0.64	0.92	1.32	0.75	1.79	0.93	6.57	0.11	0.09	0.13
Interest	2.62	2.81	2.70	2.24	2.20	2.49	2.33	2.43	2.37	2.31	1.86	2.07	2.30
Depreciation	0.99	1.00	0.94	0.93	0.98	0.97	0.97	0.90	0.81	0.69	0.66	0.68	0.68
Profit before tax	-0.56	-1.97	-1.80	-5.15	3.49	-3.48	1.02	-1.96	0.35	7.69	2.23	0.87	-2.17
Tax %	44.64%	332.49%	90.00%	21.36%	38.11%	30.75%	-104.90%	-3.06%	-354.29%	33.81%	11.21%	31.03%	-14.29%
	-0.31	4.58	-0.19	-4.06	2.16	-2.41	2.09	-2.02	1.59	5.09	1.98	0.61	-2.48
EPS in Rs	-0.04	0.55	-0.02	-0.49	0.26	-0.29	0.25	-0.24	0.19	0.62	0.24	0.07	-0.30
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	TTM
	220	249	257	261	194	231	222	207	172	143	183	201	202
	201	233	234	233	194	217	212	203	188	140	176	188	189
Operating Profit	18	16	23	28	-0	14	10	4	-16	3	7	13	13
OPM %	8%	7%	9%	11%	-0%	6%	5%	2%	-9%	2%	4%	6%	6%
	6	5	1	0	7	-6	1	2	3	2	2	8	7
Interest	15	14	13	13	13	12	11	9	10	11	10	9	9
Depreciation	4	3	4	5	4	3	3	3	4	4	4	3	3
Profit before tax	6	4	8	11	-9	-8	-3	-7	-28	-10	-4	8	9
Tax %	25%	35%	34%	36%	-5%	5%	-18%	5%	46%	89%	46%	20%
	5	3	5	7	-10	-7	-3	-6	-15	-1	-2	7	5
EPS in Rs	0.59	0.36	0.68	0.89	-1.20	-0.89	-0.37	-0.75	-1.81	-0.13	-0.27	0.80	0.63
Dividend Payout %	41%	53%	24%	27%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	-2%
3 Years:	5%
TTM:	0%

Compounded Profit Growth
10 Years:	-4%
5 Years:	21%
3 Years:	29%
TTM:	252%

Stock Price CAGR
10 Years:	12%
5 Years:	9%
3 Years:	64%
1 Year:	20%

Return on Equity
10 Years:	-2%
5 Years:	-3%
3 Years:	0%
Last Year:	1%

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	Sep 2023
Equity Capital	13	13	13	13	13	13	17	17	17	17	17	17	17
Reserves	75	75	78	79	80	143	178	135	120	119	117	123	133
Preference Capital	12	12	12	4	0	0	0	0	0	0	0	0
	83	99	83	95	94	96	80	83	79	93	103	89	86
	51	66	73	68	56	88	89	68	57	42	48	56	53
Total Liabilities	221	253	247	255	243	341	364	302	272	270	285	285	288
	70	69	72	67	62	171	166	109	109	107	104	97	96
CWIP	0	0	0	2	0	0	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
	151	184	175	186	182	170	198	194	163	163	181	188	192
Total Assets	221	253	247	255	243	341	364	302	272	270	285	285	288

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
	22	5	35	12	10	10	-17	7	14	6	-4	13
	8	-3	-5	-4	2	12	3	-1	3	-1	-0	11
	-29	-1	-31	-8	-11	-21	15	-6	-16	-2	1	-14
Net Cash Flow	1	1	-1	-0	0	1	1	0	2	2	-3	10

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	78	83	80	106	103	84	107	106	103	154	120	121
Inventory Days	269	266	228	216	367	268	323	336	302	330	311	240
Days Payable	53	79	75	74	108	59	69	63	68	96	106	84
Cash Conversion Cycle	294	271	232	248	362	292	361	380	338	387	326	277
Working Capital Days	191	185	160	173	249	212	266	283	272	325	264	238
ROCE %	8%	10%	11%	12%	-2%	5%	3%	1%	-8%	0%	2%	5%

Shareholding Pattern

Numbers in percentages

2 Recently

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	53.00%	53.05%	53.08%	53.15%	53.26%	49.52%	49.53%	49.58%	49.58%	49.58%	49.58%	49.58%
	0.27%	0.27%	0.27%	0.27%	0.47%	0.36%	0.27%	0.42%	1.02%	0.44%	0.47%	0.27%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	46.73%	46.68%	46.65%	46.58%	46.27%	50.11%	50.20%	49.99%	49.39%	49.98%	49.95%	50.15%
No. of Shareholders	21,536	21,619	22,693	33,407	33,569	33,283	32,691	32,040	29,876	29,151	29,121	32,054

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	65.22%	52.67%	52.67%	52.67%	53.05%	49.52%	49.58%	49.58%
	0.55%	0.43%	0.49%	0.43%	0.27%	0.36%	0.44%	0.27%
	0.15%	0.22%	0.29%	0.00%	0.00%	0.01%	0.00%	0.00%
	34.08%	46.68%	46.55%	46.90%	46.68%	50.11%	49.98%	50.15%
No. of Shareholders	15,387	22,177	22,328	22,342	21,619	33,283	29,151	32,054

* 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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