Safari Industries Ltd Q2 net profit down 25 percent to Rs 30 crore

Luggage and accessories maker Safari Industries India Ltd reported 25 percent decline in consolidated net profit to Rs 30 crore ($3.6 million) for the second quarter ended September 30, as against Rs 40 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 24 percent to Rs 458 crore, as against Rs 370 crore in the corresponding quarter of the previous fiscal year.

During the July-September quarter, the company’s expenses rose by 33 percent year-on-year to Rs 427 crore.

The board of Safari Industries at its quarterly meeting approved the allotment of 4,200 equity shares under employee stock option scheme. Consequently, the paid-up equity share capital has increased from Rs 9,77,63,590 to Rs 9,77,71,990.

The board also approved the grant of 4,200 employee stock appreciation rights to eligible employees of the company under the Safari employees stock appreciation rights scheme 2022.

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.