VIP Q4 net surges 79% to Rs 16 cr

VIP Industries has recorded a 79% jump in its net profit at Rs 16.3 crore in Q4 FY11 as against Rs 9.1 crore in the year-ago period, a press release issued here today said.

The total sales of the company for the quarter stood at Rs 166.3 crore, reporting a 21% growth, as compared to Rs 137.5 crore in FY10.

"FY11 was a good year for us despite continuous pressure in rising input costs, as we were able to pass on most of the cost increases to consumers due to the strength of our brands. Sales value and volume growth was robust and the outlook for the current year remains strong across traditional trade and modern retail sales channels," VIP's Chairman Dilip Piramal said.

For the year (FY11), sales of the company stood at Rs 757.7 crore, reporting a 17.7% growth, as compared to Rs 643.7 crore in FY10.

VIP recorded an 84% jump in its net profit at Rs 88.7 crore in FY11 as against Rs 48.3 crore in the year-ago period.

The company had recently launched two new brands in the Indian market-Carlton and Skybags.

While Carlton is a premium English luggage brand aimed at affluent international travellers, Skybags is a soft luggage brand aimed at the growing younger audience in metros, the release said.