VIP Industries on Tuesday posted its second quarter earnings for the financial year 2023-24 with profit at Rs 13.28 crore, down 69.4 per cent in comparison to Rs 43.40 crore during the second quarter of FY23. It posted revenue from operations at Rs 546.09 crore, up 6.1 per cent as against Rs 514.74 crore during the quarter ended September 2022. The company EBITDA stood at Rs 52.9 crore, down 26.1 per cent versus Rs 71.6 crore during the year ago period.
The company recorded total income during Q2FY24 at Rs 548.66 crore, up 5.5 per cent as against Rs 520.02 crore during the same period last year. Meanwhile, total expenses incurred during the quarter was at Rs 529.39 crore, up 13.1 per cent from Rs 468.05 crore during Q2FY23.
VIP Industries said that its trade channels (offline and online) posted cumulative growth at 13 per cent. While e-commerce continued to gow at over 50 per cent on-year, CSD revenues was impacted due to large scale range refreshment
Gross margins, meanwhile, bounced back to 55.5 per cent after being impacted in Q1 on account of hampered production at the company’s Bangladesh facility.Other expenses, it said, included Rs 6 crore professional fees to BCG for e-commerce project and Rs 3 crore on account of marketplace activations.
Established in the year 1968, VIP Industries today has 10 own manufacturing facilities in India and Bangladesh and it services customers through ~12,000 point of sales across ~1300 towns. It has a total of ~13000 employees.