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VIP Industries reported a consolidated net profit of Rs. 38.4 crore for the quarter ended June 30, 2011, a growth of 27.6 per cent over the same period last year. Consolidated revenue was up 16.7 per cent at Rs. 281 crore.
The company said its strong results were driven by robust growth in sales volumes and values. It re-launched its Skybags brand with Ambassador John Abraham during the quarter. It also introduced Carlton - a premium fashionable English luggage brand - during the same period in India.
Ms Radhika Piramal, MD, VIP Industries Ltd., said, “These brands along with our flagship brand VIP and economy brand Alfa have been promoted in media and have been very well received in the market place.”
The company was able to pass on some of the increase in input costs to customers on the strength of its brands, without affecting sales volume, according to Ms Piramal.
“We were able to improve our operating margins by 263 basis points as compared to the corresponding quarter of the previous year despite increased input costs,” she explained.
The company also informed the BSE on Thursday that its Chief Financial Officer, Mr. Manoj Tulsian, has resigned.
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