VIP Industries posts Q4 net loss of Rs 4 crore
VIP Industries posted a net loss of Rs 4 crore ($549,145) for the fourth quarter ended March 2021 as against a net profit of Rs 10 crore during the previous quarter ended March 2020.
The company’s revenue for the quarter was down 22 percent to Rs 243 crore, as against Rs 311 crore it reported in the year-ago period.
For the financial year 2020-21, the company reported a net loss of Rs 97 crore, as against net profit of Rs 112 crore, while its sales were down by 63 percent to Rs 619 crore as compared to previous fiscal’s Rs 1714 crore.
“The Q4 and FY 21 results were severely impacted due to Covid-19,” VIP Industries said in its earnings statement.
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 sells through retail chains and e-commerce platforms.
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