VIP Clothing Ltd reported a 62 percent decline in net profit to Rs 23 lacs ($27,392) for the first quarter ended June 30, as against Rs 61 lacs in the year-ago quarter.
The company’s revenue for the quarter declined by 7 percent to Rs 50 crore, as against Rs 54 crore in the corresponding quarter of the previous fiscal year.
“This quarter has marked the beginning of a promising phase for VIP Clothing, characterized by signs of recovery and growth in the market. During Q1 FY25, we observed early indications of a resurgence in consumer demand across our key markets,” VIP Clothing said in a statement.
“Looking ahead, we remain moderately optimistic about the continued recovery in demand. The early signs we have observed in Q1 FY25 give us confidence that VIP Clothing is well-positioned to capitalize on these emerging opportunities, and we expect the momentum to sustain in the coming quarters, leading to further improvements in our financial performance,” it added.
During the April-June quarter, the company onboarded 8 new distributors to increase its market presence in target markets.
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