VIP Industries Ltd reported a net loss of Rs 24 crore ($3 million) for the fourth quarter ended March 31, as against a loss of Rs 4 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 14 percent to Rs 520 crore, as against Rs 455 crore in the corresponding quarter of the previous year.
For the financial year 2024, the company’s revenue stood at Rs 2,257 crore with a net profit of Rs 54 crore.
“For the financial year 2024, domestic revenue growth was higher at 10 percent year-on-year while the overall volume growth was also higher at 11 percent. Investments in strengthening e-commerce business fundamentals showed results with 71 percent year-on-year growth in FY24,” VIP Industries said in its earnings report.
“International business suffered during the year with demand slowdown in middle east and increase in global China supplies, however, growth has picked up during Q4,” it added.
Founded in 1968, VIP Industries currently has 10 own manufacturing facilities in India and Bangladesh and services customers through its 12,000 points of sales across 1300 towns.
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