Dilip G Piramal, chairman of VIP Industries told CNBC-TV18 that company‘s business is going through a tough phase now due to slowdown in the Indian economy.
Currently holding a share of 57% in domestic markets, VIP Industries sees some pick up in the domestic manufacturing segment. In an interview with CNBC-TV18, Dilip G Piramal, Chairman, VIP Industries expect topline growth of 15% for FY13.
Luggage maker VIP Industries reported a net profit of Rs 10.9 crore in Q2FY12 against Rs 12.6 crore year-on-year (Y-o-Y). Dilip G Piramal, chairman, VIP Industries expects sales to be lower on the back of sluggish international sales.
Dilip G Piramal, Chairman, VIP Industries in an interview to CNBC-TV18 said, growth in first quarter was low because of larger base and slowdown in international sales.
VIP Industries had shown smart growth in FY11 net profit. It grew 83.64% at Rs 88.7 crore, compared to Rs 48.3 crore in 2009-10. In an interview with CNBC-TV18, the company’s chairman Dilip Piramal says, he sees 40-50% growth in profit before tax (PBT) in FY12.
VIP Industries' Q4FY11 consolidated net sales were up 21% at Rs 166 crore versus Rs 137 crore, year-on-year, YoY. Its net profit was up at Rs 16.3 crore versus Rs 9.1 crore and EBIDTA margins stood at 15.5% versus 14.3%.
Dilip G Piramal, Chairman, VIP Industries in an interview with CNBC-TV18 spoke about the latest happenings in the company and the road ahead.
Private equity major Blackstone India has bought the 2% stake in VIP Industries through an open market transaction. The entire share buy is valued at around Rs 36-40 crore.
In an interview with CNBC-TV18, Dilip Piramal, chairman of VIP industries said,"We are looking forward to very good next year, followed by equally successful growth in the current year where we will have about 20% growth."
The chairman of VIP Industries, Dilip G Piramal, in an interview on CNBC-TV18, gave his perspective of the third quarter performance and divulged the company's future plans.