VIP Industries Q4 profit plummets 28 percent to Rs 25 crore
Luggage and accessories maker VIP Industries witnessed a 28 percent drop in its profit to Rs 25 crore ($3.6 million) for the fourth quarter ended March 31, 2019, due to weak operating performance.
The company had reported a profit of Rs 35 crore in the same period during the last financial year.
VIP’s revenue from operations, however, rose 20 percent to Rs 435 crore as against Rs 363 crore in the corresponding period last fiscal.
For the financial year 2018-19, the profit increased by 15 percent to Rs 145 crore while revenue grew 26 percent to Rs 1,785 crore against the previous year.
It had posted sales of Rs 1416 crore with a 10 percent growth during the last fiscal year.
VIP continues to remain optimistic and is planning to strengthen its retail presence in tier 3, 4 cities through franchise route and company-owned stores during the current fiscal to increase its market share and profits.
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 around 550 exclusive retail outlets and also sells through retail chains Shopper’s Stop, Lifestyle, Central, Big Bazaar and e-commerce marketplaces Flipkart, Amazon and Myntra.
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