Luggage and accessories maker VIP Industries Ltd reported a 93 fall in its consolidated net profit to Rs 4 crore ($4,76,307) in the first quarter of financial year 2024-25, as against a net profit of Rs 58 crore in the year-ago period.
The company’s revenue for the quarter rose marginally to Rs 639 crore, as against Rs 636 crore in the corresponding period last year.
“Overall revenue growth for Q1 FY25 was flat. However, volume growth sustained at 11 percent. E-commerce continued its growth trajectory with year-on-year value increase of 66 percent,” VIP Industries said in its investor presentation.
“Underperformance of key countries in Asia and GCC impacted international business revenue,” it added.
VIP Industries, which owns popular brands such as VIP, Carlton, Aristocrat, Skybags among others is one of the largest players in the luggage and accessories market in India.
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