VIP Industries Q4 net loss at Rs 4.26 cr

Luggage maker VIP Industries Ltd on Monday reported a consolidated net loss of 4.26 crore for the fourth quarter ended March 2023, impacted by an exceptional loss. The company had posted a net profit of Rs 12.39 crore in the January-March quarter a year ago, VIP Industries Ltd (VIL) said in a BSE filing. However, its revenue from operations increased 26.6 per cent to Rs 450.57 crore during the quarter under review against Rs 355.90 crore in the year-ago period. During the quarter, VIL reported a loss of Rs 47.21 as an exception item. This was related to a loss of property, plant and equipment and inventories that were destroyed due to a major fire at a plant of the company’s subsidiary in Bangladesh on January 31, 2023. VIL’s profit before exceptional items stood at Rs 40.79 crore. This is ”reflective of enhanced cost efficiencies across the value chain and strategic shift to in-house manufacturing coupled with softening trend on input costs,” said VIL Managing Director Anindya Dutta. In Q4 FY23, the total expenses of VIL rose 19.85 per cent to Rs 414.32 crore. Its total income in the March quarter was Rs 455.11 crore. For the financial year ended March 31, 2023, VIL’s consolidated net profit stood at Rs 152.34 crore and its revenue from operations was 2,082.32 crore.