Another bad quarter for VIP with just 2.3% EBITDA margin and Rs.33 cr PBT loss.
Moreover, deteriorating balance sheet is another concern. Inventory has shot up from Rs.587 cr in Mar 2023 to Rs.916 crore in Mar 2024, which translates into a very stretched inventory holding period of 315 days. Sales growth was 8% in FY24 as compared to 56% increase in inventory level.
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