VIP Industries Ltd posts Q2 net profit of Rs 33 crore
VIP Industries Ltd’s net profit for the second quarter ended September 2019 rose by 0.34 percent to Rs 32.92 crore ($4.64 million) as against Rs 32.81 crore it had reported in the year-ago period.
The company’s net sales for the July-September quarter increased by three percent to Rs 412 crore as against Rs 402 crore it had reported in the corresponding period last fiscal.
VIP’s EBITDA grew by 30 percent to Rs 69 crore in September from Rs 53 crore in September 2018.
Despite the slowdown in the Indian market, VIP is hoping for 10 percent growth in total revenue during the current financial year. For the financial year 2018-19, VIP had posted a profit of Rs 145 crore with a revenue Rs 1,785 crore.
To boost sales and margins, VIP is planning to strengthen its retail presence in tier 3, 4 cities through franchise route and company-owned stores during the current fiscal.
Currently, VIP owns around 22 percent market share in India with its fashion and accessories brands like Carlton, Skybags, Caprese, Aristocrat, and Alfa.
VIP has over 600 showrooms across the country and also sells through retail chains and e-commerce platforms.
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