VIP Industries stock falls 4% on 84% YoY decline in Q3FY24 net profit; revenue gains 4%

The company has declared an interim dividend of Rs 2 per equity share of face value of Rs. 2 each for the Financial Year 2023-24. which shall be paid on or after 16th February, 2024.

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VIP Industries shares fell 4 percent at open on January 31 on the NSE, a day after they announced an 84 percent year-on-year decline in net profit for Q3FY24. At 9:30 am, the stock was trading at Rs 519.80.

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On January 30, VIP Industries reported a consolidated net profit of Rs 7.15 crore for the December quarter of FY2024, down 83.78 percent from Rs 44.10 crore in the same quarter of the previous financial year. Total revenue for the same period was Rs 546.4 crore, rising 4 percent year-on-year from the previous fiscal.

Earnings before interest, tax, depreciation and amortization (EBIDTA) for the same period was Rs 52.3 crore down by 28 percent with a 9.6 percent margin against 13.9 percent in the year-ago period. Additionally, the company has declared an interim dividend of Rs 2 per equity share of the face value of Rs 2 each for the financial year 2023-24, which shall be paid on or after February 16, 2024.

“Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has fixed Wednesday, 7th February, 2024 as the “record date” for the purpose of ascertaining the eligibility of shareholders for payment of the Interim Dividend,” an NSE filing said.

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In an investor presentation, the luggage manufacturer said that the International business suffered from a demand slowdown in the Middle East and an increase in global China supplies.

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