VIP Industries posted its fiscal first quarter profit at Rs 57.75 crore, down 16.4 per cent as compared to Rs 69.10 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 636.13 crore, up 7.7 per cent as against Rs 590.61 crore during Q1FY23. The company EBITDA stood at Rs 80.6 crore, down 21.4 per cent on-year.
The company posted a total income of Rs 638.77 crore during Q1FY24, up 6.9 per cent in comparison to Rs 597.66 crore during the same period last year. However, the total expenses stood at Rs 587.18, up 14.6 per cent from Rs 512.56 crore last year.
VIP Industries board, meanwhile, also approved the appointment of Dr Suresh Surana as an Additional Director (Non – Executive, Independent) with effect from 7th August, 2023, for a period of 5 years. The board also appointed Ashish Saha as an Additional Director of the Company and Executive Director for a period of 5 years with effect from 7th August, 2023. Ashish Saha is currently working as the Senior Vice President- India Manufacturing & New Projects and is a member of the leadership team of the company. He holds post graduate diploma in dye & moulding from Central Scientific Instruments Organizations, Indo-Swiss Training Centre, Diploma in Instrument Technology.
Earlier in May, VIP Industrieshad said that it will invest Rs 200 crore in FY2024 to expand its manufacturing capabilities. In FY23, the brand deployed Rs 100 crore capex investment to create technically advanced factories in India and Bangladesh.
During the Q4FY23 quarter, VIP industries had reported a consolidated net loss of Rs 4.26 crore, impacted by an exceptional loss.