VIP Industries fell 3.95% to Rs 206.80 after consolidated net profit dropped 62.3% to Rs 9.52 crore on 28.4% fall in net sales to Rs 311.34 crore in Q4 March 2020 over Q4 March 2019.
Profit before tax (PBT) tanked 71.10% to Rs 10.45 crore in Q4 March 2020 as against Rs 36.19 crore in Q4 March 2019. Current tax expenses also tumbled 85.60% to Rs 1.53 crore in Q4 March 2020 as against Rs 10.64 crore in Q4 March 2019. The result was announced post trading hours yesterday, 26 May 2020.
EBITDA slipped 11.9% to Rs 37 crore in Q4 FY20 from Rs 42 crore in Q4 FY19. EBITDA margin improved to 12% in Q4 FY20 as against 10% in Q4 FY19.
The Q4 performance were impacted due to COVID-19 with a loss of revenue of Rs 120 crore and a profit before tax loss of Rs 27 crore. However, gross margin improvement was due to higher procurement from Bangladesh, improvement in hard luggage share and reduction in revenue management (RM) costs.
VIP Industries manufactures hard luggage and markets soft luggage imported from Bangladesh and China. VIP is the largest player in the luggage industry in India.
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