V-Guard is one of India’s leading electrical and appliance company. Its track record is impressive as the company has been expanding its product range and geographical footprint especially the northern market. We expect the company to display steady performance over the long term due to urbanisation and higher home ownership level. Shift in consumer preference from un-branded to branded appliances benefits V-Guard. Recent lock downs have impacted profitability but recovery can be swift as the nature of products are such that demand does not dissipate like a perishable item but only gets postponed. We expect management target of 15% growth rate to be sustainable once normalcy returns. Despite high valuations, we have a neutral rating on the company as the good long term prospects are bright given our demographics – 09-08-2021 Price: 242.85 Rating: Hold Recommendation: Hold
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