Safari Industries Ltd Q1 net profit slides 11 percent to Rs 44 crore

Safari Industries Ltd reported a 11 percent decline in net profit to Rs 44 crore ($5.2 million) for the first quarter ended June 30, as against Rs 50 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 5 percent to Rs 450 crore, as against Rs 427 crore in the corresponding quarter of the previous financial year.

During the April-June quarter, Safari’s expenses rose 10 percent year-on-year to Rs 401 crore.

Earlier this year, Safari Industries Ltd had raised Rs 229 crore from Lighthouse Funds to expand its retail presence and widen its reach in the Indian luggage market.

Mumbai-based Safari Industries product range includes travel accessories, backpacks, duffel bags, and gift items among other products. It retails through its direct to customer e-commerce store and retail stores across India.