VIP Industries Q2 net profit jumps 134 percent to Rs 43 crore

By

Maverick Martins

Published
Oct 24, 2022

VIP Industries Ltd witnessed a 134 percent surge in its net profit to Rs 43 crore ($5.3 million) for the second quarter ended September 2022, as against a net profit of Rs 19 crore it posted int the year-ago period.

The company’s revenue for the quarter rose by 56 percent to Rs 515 crore, as against Rs 330 crore it reported in the corresponding period of the previous fiscal year.

VIP’s overall expenses during the quarter rose to Rs 176 crore, as against Rs 114 crore it reported in the year-ago period.

“Distribution expansion and productivity improvement is driving growth across traditional physical channels of retail, general and modern trade,” VIP Industries said in its quarterly report.

“E-commerce on the back of stronger fundamentals of strengthened portfolio, improved content, higher spends and supply efficiency has leveraged the ‘big day & festive buying’ of Q2 to record superlative performance,” it added.

VIP Industries owns fashion and accessories brands like Carlton, Skybags, Caprese, Aristocrat, and Alfa. It has over 600 showrooms across the country and sells through retail chains and e-commerce platforms.