V I P Industries Ltd Share Price – NSE  /  BSE

Plastic products, Small Cap

Aegis Logistics Ltd, Century Textiles & Industries Ltd, Dilip Buildcon Ltd and Mishra Dhatu Nigam Ltd are among the other gainers in the BSE's 'A' group today, 28 March 2024.

V I P Industries Ltd surged 12.87% to Rs 525.5 at 11:46 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 4.06 lakh shares were traded on the counter so far as against the average daily volumes of 54550 shares in the past one month.

Aegis Logistics Ltd spiked 11.85% to Rs 442.3. The stock was the second biggest gainer in 'A' group. On the BSE, 2.53 lakh shares were traded on the counter so far as against the average daily volumes of 40847 shares in the past one month.

Century Textiles & Industries Ltd soared 9.70% to Rs 1649. The stock was the third biggest gainer in 'A' group. On the BSE, 76930 shares were traded on the counter so far as against the average daily volumes of 10689 shares in the past one month.

Dilip Buildcon Ltd exploded 9.18% to Rs 464.2. The stock was the fourth biggest gainer in 'A' group. On the BSE, 81887 shares were traded on the counter so far as against the average daily volumes of 38681 shares in the past one month.

Mishra Dhatu Nigam Ltd advanced 7.46% to Rs 400.55. The stock was the fifth biggest gainer in 'A' group. On the BSE, 88303 shares were traded on the counter so far as against the average daily volumes of 75175 shares in the past one month.

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Desai holds a Chartered Accountancy qualification from the Institute of Chartered Accountants of India, New Delhi. He has an experience of over 25 years covering various sub-functions of business & finance like project finance, revenue / financial accounting including consolidation, MIS, treasury, statutory / internal audit, direct & indirect tax, USGAAP financials including participation in management review and board meetings.

In his last assignment, Desai was with Voltas, as Head of Corporate Finance. Before joining Voltas, he worked with MIRC Electronics and BPL Mobile Communications.

Further, the company said that Neetu Kashiramka, managing director & CFO will be re-designated as managing director of the firm, effective from 14 February 2024.

Kashiramka is a qualified Chartered Accountant having over 26 years of post-qualification experience. She brings in more than two decades of experience in the corporate finance function across several organizations. Before joining the company, she was working as CFO with Greaves Cotton.

VIP Industries is the leading manufacturer of hard and soft luggage in Asia.

The luggage manufacturer’s consolidated net profit dropped 83.79% to Rs 7.15 crore in Q3 FY24 as compared with Rs 44.10 crore recorded in Q3 FY23. Revenue from operations increased by 3.8% year on year to Rs 546.42 crore in the quarter ended 31 December 2023.

Shares of VIP Industries shed 0.23% to settle at Rs 530.05 on the BSE.

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The Board of V I P Industries at its meeting held on 14 February 2024 has approved the appointment of Manish Desai as Chief Financial Officer with effect from 14 February 2024.

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Revenue from operations increased by 3.8% year on year to Rs 546.42 crore in the quarter ended 31 December 2023.

Druing the quarter, the company’s domestic revenue grew 6% YoY; Ecommerce continues to grow over 65% YoY and secondary sales reported over 20% YoY growth.

International business impacted with demand slowdown in middle east and increased global China supplies, said the company.

Profit before tax dropped 74.08% to Rs 13.19 crore in the December quater as compared with Rs 50.88 crore recorded in the corresponding quarter last year.

Total expenses stood at Rs 535.89 crore in Q3 FY24, up 12.09% YoY. Cost of materials consumed was at Rs 243.61 crore (up 38.13% YoY) while employee benefits expenses were at Rs 69.01 crore (up 16% YoY) during the period under review.

EBITDA slipped 27.63% to Rs 55 crore in the third quarter of FY24 from Rs 76 crore reported in Q3 FY23. EBITDA margin reduced to 10% in Q3 FY24 as compared to 14.3% recorded in Q3 FY23.

On 9-months basis, the company's net profit tumbled 50.08% YoY to Rs 78.18 crore. However, revenue was at Rs 1,728.64 crore in 9M FY24, registering a growth of 5.94% YoY.

Meanwhile, the company's board has declared an interim dividend of Rs 2 per equity share for FY24. The record date for the same is fixed on Wednesday, 7 February 2024 and it will be paid on or after Friday, 16 February 2024.

VIP Industries is the leading manufacturer of hard and soft luggage in Asia.

The scrip rose 0.63% to Rs 547.50 on the BSE.

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