V I P Industries Q3FY21 consolidated Net Revenue at 56% of the Previous year at Rs 242.82 crore

by Suman Gupta

Mumbai, February, 2021: VIP Industries Ltd. Asia’s largest and the world’s second largest luggage Company today announced its unaudited financial results for the quarter and nine-months ended December 31st, 2020.

Financial Results – Q3FY21 (YoY) Comparison

The company reported total income of Rs. 242.82 crores during the three months period ended December 31st, 2020 as compared to Rs. 107.88 crores during Q2FY21 and Rs. 432.34 crore in the same period last year.

The company posted a net loss of Rs. 7 crores for the three months period ended December 31st, 2020 as against net loss of Rs. 35.39 crores for Q2FY21 and net profit of Rs. 34.21 crores in Q3FY20.

Speaking on the appointment, Mr. Dilip Piramal, Chairman said “There are clear signs of recovery across categories. We have witnessed sharp improvement in demand month-on-month and sequential quarters. With the appointment of Anindya Dutta as the new Managing Director earlier this month, we expect his vast experience in the retail space will help us to further expand the consumer franchise model, strategic business growth and operational efficiencies across verticals”

“Even the Union Budget presented on February 1^st, will indirectly provide a boost to the luggage sector. The growth oriented budget will help to have more money in the wallet of retail consumers, which inline will enhance discretionary spending and travel amongst masses”

About VIP Industries Ltd:VIP Industries Ltd. is Asia’s largest and the world’s second largest luggage maker, headquartered in Mumbai. A public limited Indian company manufacturing luggage and travel accessories, VIP Industries Ltd. has more than 8000 retail outlets in its armoury apart from a well-developed network of retailers in 50 countries. VIP Industries Ltd. journey began in 1971 when the first VIP suitcase was manufactured, and the brand has skyrocketed since. To date VIP Industries Ltd. has sold over 60 million pieces of luggage to travellers around the world and subsequently became the leading manufacturer of hard and soft luggage in Asia, with a goal to make travel simple and convenient.

Brand portfolio includes renowned names like VIP, Skybags, Carlton, Aristrocrat, Alfa and Caprese. Since inception, the company has kept in step with the changing needs and tastes of the discerning and quality conscious traveller. VIP Industries has a global footprint with its products available not just across India but also all over Middle East, the UK and select African and South East Asian countries.