VIP Industries Reports 16.4% YoY Profit Decline, Stock Hits 52-Week Low

4 Aug 2023 , 09:56 AM

VIP Industries reports a 16.4% YoY decline in net profit for the June quarter, amounting to Rs 57.8 crore. The company’s stock hits a 52-week low on Thursday in response to the disappointing financial results.

Despite a 7.7% YoY increase in revenue from operations at Rs 636.1 crore, the company’s EBITDA for the June quarter shrank by 21.4% YoY, standing at Rs 80.6 crore. The EBITDA margins for the quarter contracted by 470 basis points to 12.7%.

VIP Industries Limited is a renowned domestic luxury luggage maker known for designing, manufacturing, and selling a diverse range of travel products. The company operates through ten manufacturing plants in India and Bangladesh and sells its products under brand names like Carlton, VIP, Skybags, Caprese, and Aristocrat.

 

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