Shares of VIP Industries rise after company announce new MD Designate

VIP Industries' Managing Director, Anindya Dutta, resigns citing personal reasons. He assumed the role in February 2021.

Luggage manufacturer VIP Industries witnessed nearly a percent rise in shares in Wednesday's morning trade after the announcement of a top-level executive reshuffle by the company.

VIP Industries, one of Asia's leading luggage manufacturers, announced the promotion of Neetu Kashiramka as the Managing Director (MD) Designate of the company. This development comes after Anindya Dutta, the former Managing Director, stepped down on August 14, 2023, citing personal reasons.

Neetu Kashiramka, a seasoned professional with a strong background in finance and leadership, is set to take on this new role with dual responsibility. Currently serving as the Chief Financial Officer (CFO) of VIP Industries, she will continue to excel in this capacity while simultaneously shouldering the responsibilities of the MD Designate until November 13, 2023. Subject to the approval of the shareholders, Neetu Kashiramka is poised to officially assume the positions of Managing Director and CFO on November 14, 2023.

Kashiramka's journey with VIP Industries commenced on April 7, 2020, when she joined the company as the CFO. Her strategic acumen and financial prowess quickly came to the fore, leading to her appointment as an Executive Director and CFO on May 8, 2023. A qualified chartered accountant, Neetu Kashiramka brings over 26 years of post-qualification experience to her role. Her impressive track record includes pivotal roles at Greaves Cotton Limited, Kewal Kiran & Company, and Jyothy Laboratories Limited.

reported a consolidated net profit of Rs 57.75 crore for the June quarter of FY24, registering a decline of 16.4 percent from Rs 69.10 crore in the same quarter of the previous financial year.

Total revenue of the company came in at Rs 636.13 crore, rising 7.7 percent from Rs 590.61 crore in the year-ago quarter, the company said in a regulatory filing.

VIP Industries boasts a global presence, with over 10,000 points of sale and an extensive network of retailers spanning 45 countries. Over the years, the company has earned its reputation as a pioneer in the luggage industry, having sold a staggering 100 million pieces of luggage to travelers worldwide.