VIP Industries fell 2.53% to Rs 262 after the company reported a consolidated net loss of Rs 51.32 crore in Q1 June 2020 compared with net profit of Rs 35.08 crore in Q1 June 2019.
Net sales tanked 92.9% to Rs 40.33 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 67.38 crore in Q1 June 2020 as against pre-tax profit of Rs 54.68 crore in Q1 June 2019. The Q1 earnings was announced after trading hours yesterday, 5 August 2020.
Meanwhile, the board of VIP. Industries on 9 July 2020 approved the issue of principal protected, secured, rated, listed, redeemable, non-convertible debentures (NCDs) on private placement basis in one or more tranches/ series/ types aggregating upto Rs 50 crore.
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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