The Hindu Business Line : VIP Q4 net down; to pay Rs 2

VIP Industries Ltd on Tuesday announced a dip in net profit to Rs 4.26 crore for the fourth quarter ended March 2005, from Rs 9.22 crore in the corresponding previous period.

However, for the year ended March 2005, net profit rose to Rs 7.21 crore (Rs 6.62 crore). Sales rose to Rs 327.85 crore (Rs 300 crore), while other income was up at Rs 7.05 crore (Rs 5.15 crore). The board has recommended a dividend of Rs 2 per share. The decline in profit was due to a change in the accounting of VRS payments, which took place in the fourth quarter of the previous year. This was necessitated due to revision in Accounting Standard issued by the ICAI. Sales for the quarter under review rose to Rs 83.11 crore (Rs 70.53 crore), while other income rose to Rs 3 crore (Rs 2.06 crore).

According to a company release, for the full year exports rose 145 per cent to Rs 36.54 crore, driven largely by exports for the Carlton brand.

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VIP Q4 net down; to pay Rs 2