Net sales increased 14.59% year on year (YoY) to Rs 516.32 crore in the quarter ended 31 March 2024.
The volume growth stood at 14%, ecommerce continued its growth trajectory with YoY increase of 143% in Q4 and offline channels like general trade & International business picked up pace during the period under review.
The firm reported a pre-tax loss of Rs 33.25 crore in fourth quarter of FY24, as compared with pre-tax loss of Rs 6.42 crore posted in corresponding quarter last year.
For Q4 FY24, EBITDA tumbled 82.60% to Rs 12 crore from Rs 69 crore recorded in same quarter lsat year. EBITDA margin slipped to 2.3% in March 2024 quarter as against 15.1% reported in Q4 FY23.
Gross margins declined by 790 bps mainly on account of reduced share of business from Bangladesh.
On full year basis, the company's consolidated net profit slumped 64.36% to Rs 54.30 crore in FY24 as compared with Rs 152.34 crore in FY23. Net sales rose 7.81% YoY to Rs 2,244.96 crore in the financial year ended 31 March 2024.
VIP Industries is the leading manufacturer of hard and soft luggage in Asia.