Moneycontrol Bureau
Asia's largest luggage maker VIP Industries has reported solid performance in quarter ended September 2015. Profit has seen a four-fold jump to Rs 15.7 crore during the quarter compared to Rs Rs 3.8 crore in year-ago period, driven by operational performance and revenue despite sharp spike in tax expenses.
Revenue increased by 35 percent to Rs 295.5 crore in second quarter of FY16 compared to Rs 219 crore in corresponding quarter of last fiscal.
Operating profit (earnings before interest, tax, depreciation and amortisation) more than doubled to Rs 25 crore from Rs 11 crore and margin expanded by 340 basis points to 8.5 percent from 5.1 percent during same period.
Depreciation and amortisation expenses during the quarter declined 23 percent year-on-year to Rs 3 crore while other expenses spiked 17.8 percent to Rs 71.4 and tax expenses rose 255.5 percent to Rs 6.4 crore in September quarter.
At 12:39 hours IST, the scrip of VIP Industries was quoting at Rs 100.50, up Rs 14.65, or 17.06 percent on the BSE.
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