Luggage and travel accessories maker VIP Industries on May 7 reported a 28 percent year-on-year (YoY) degrowth in March quarter profit due to weak operating performance.
Consolidated profit during the quarter ended March 2019 stood at Rs 25.3 crore, down from Rs 35 crore in the same period last year.
VIP said revenue from operations increased by 20 percent to Rs 435 crore against Rs 362.6 crore in the corresponding period last fiscal.
At the operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) slipped 27 percent YoY to Rs 39.6 crore and margin contracted sharply by 590 basis points (bps) to 9.1 percent in March quarter.
For the fiscal year 2018-19, the profit increased by 14.6 percent to Rs 145.27 crore and revenue grew 26 percent to Rs 1,784.66 crore against the previous year.
Meanwhile, VIP Industries appointed Tushar Jani and Ramesh Damani as an additional directors' (non-executive, independent) of the company for a period of five years.
The stock was quoting at Rs 430.25, down 2.93 percent on the BSE, at the time of publishing this copy.
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