VIP Industries Q1 net profit falls 93% to ₹4 crore, revenue up 0.4%

The revenue from operations rose 0.4% to ₹638.8 crore in the latest June quarter as against ₹636.1 crore in the corresponding period last year,

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 38.7% to ₹49.4 crore in Q1 FY25 compared to ₹80.6 crore in Q1 FY24. The margin stood at 7.7% in the quarter under review as against 12.7% a year back.

In an exchange filing, the company said it approved the grant of 47,500 employee stock appreciation rights (ESARs) to eligible employees under the VIP ESARs Plan 2018.

VIP Industries also appointed Ashutosh Sheth as company secretary and compliance officer, effective August 7, 2024.

Shares of luggage maker settled 1.4% lower at ₹443.2 on the National Stock Exchange (NSE) on Tuesday. The company's market capitalisation stands at ₹6,292.2 crore, while free float m-cap is ₹2,957.3 crore.

Over the past year, the scrip has declined 25.2%. In the last three months, it has fallen 18.2%, while in the past week alone, it has shed 5.1%.

Established in 1968, VIP Industries is one of the top manufacturers and retailers of luggage, backpacks and handbags in the world. Its sells products under brandname VIP, Carlton, Skybags, Alfa, Caprese and Aristocrat.