VIP Industries Ltd reported a 16 percent decline in consolidated net profit of Rs 58 crore ($12.2 million) for the April-June quarter, as against Rs 69 crore reported in the year-ago period.
The company’s revenue for the quarter rose by 8 percent to Rs 636 crore, as against Rs 591 crore reported in the corresponding period of the previous fiscal year.
For the financial year 2023, the company’s total income stood at Rs 2,099 crore while its net profit for the year was Rs 152 crore.
The company is ramping up of its retail footprint with focus on tier 2 cities and expects to have over 800 exclusive brand outlets by the end of FY24.
VIP owns around 22 percent market share in India with its fashion and accessories brands like Carlton, Skybags, Caprese, Aristocrat, and Alfa. It has over 600 showrooms across the country and strong presence on leading e-commerce platforms.
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