VIP Industries Ltd Q3 net profit jumps 44 percent to Rs 34 crore
today Feb 13, 2020
VIP Industries Ltd witnessed a 40 percent jump in its net profit to Rs 34 crore ($4.9 million) for the third quarter ended December 31, 2019, as against Rs 24 crore it had posted in the year-ago period.
The company’s net sales for the quarter rose to Rs 434 crore, as compared to Rs 433 crore it had posted in the corresponding quarter of the previous fiscal year.
Despite the slowdown, VIP Industries performed well in the first nine months of the current fiscal year with a net profit of Rs 102 crore on overall revenue of Rs 1,416 crore.
VIP is hoping to finish the year strongly and expects 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.
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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