VIP Industries Ltd records Q4 net loss of Rs 4 crore
VIP Industries Ltd reported a net loss of Rs 4 crore ($4,89,078) for the fourth quarter ended March 2023, as against a net profit of Rs 12 crore in the year-ago period.
The company’s total income for the quarter rose by 26 percent to Rs 255 crore, as against Rs 362 crore reported in the corresponding period of the previous fiscal year.
For the financial year 2023, the company’s total income stood at Rs 2,099 crore while its net profit for the year was Rs 152 crore.
Commenting on the results, Anindya Dutta, managing director of VIP Industries Ltd in a statement said, “I am pleased to announce that VIP Industries has delivered a robust performance for the fourth quarter and financial year of 2023. The company achieved a growth rate of 61 percent in FY23 as compared to FY22, backed by strategic investments and expansion executions.”
“We are poised well for a continued accelerated growth going forward with focus on innovations, investment behind our power brands and increasing accessibility. The ramp-up of our retail footprint has started to yield very good results, we are on track to achieve approximately 800 exclusive brand outlets (EBOs) by the end of FY24. Moving forward, our focus will be on expanding our store presence in tier 2 cities and beyond,” he added.
VIP owns around 22 percent market share in India with its fashion and accessories brands like Carlton, Skybags, Caprese, Aristocrat, and Alfa. It has over 600 showrooms across the country and strong presence on leading e-commerce platforms.
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