VIP Industries Ltd witnessed a 69 percent decline in net profit to Rs 13 crore ($1.5 million) for the second quarter of the financial year 2023-24, as against Rs 43 crore reported in the year-ago period.
The company’s revenue for the quarter rose by 6 percent to Rs 546 crore, as against Rs 515 crore reported in the corresponding period of the previous fiscal year.
Meanwhile, total expenses incurred during the quarter was at Rs 529 crore, up 13 percent from Rs 468 crore in the year-ago quarter.
“Slower secondary sales in Q1 impacted Q2 performance for primary driven offline trade channels like general & modern trade. International business suffered with demand slowdown in middle east and increase in global China supplies,” VIP Industries said in its earnings statement.
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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