Revenue from operations increased by 3.8% year on year to Rs 546.42 crore in the quarter ended 31 December 2023.

Druing the quarter, the company’s domestic revenue grew 6% YoY; Ecommerce continues to grow over 65% YoY and secondary sales reported over 20% YoY growth.

International business impacted with demand slowdown in middle east and increased global China supplies, said the company.

Profit before tax dropped 74.08% to Rs 13.19 crore in the December quater as compared with Rs 50.88 crore recorded in the corresponding quarter last year.

Total expenses stood at Rs 535.89 crore in Q3 FY24, up 12.09% YoY. Cost of materials consumed was at Rs 243.61 crore (up 38.13% YoY) while employee benefits expenses were at Rs 69.01 crore (up 16% YoY) during the period under review.

EBITDA slipped 27.63% to Rs 55 crore in the third quarter of FY24 from Rs 76 crore reported in Q3 FY23. EBITDA margin reduced to 10% in Q3 FY24 as compared to 14.3% recorded in Q3 FY23.

On 9-months basis, the company's net profit tumbled 50.08% YoY to Rs 78.18 crore. However, revenue was at Rs 1,728.64 crore in 9M FY24, registering a growth of 5.94% YoY.

Meanwhile, the company's board has declared an interim dividend of Rs 2 per equity share for FY24. The record date for the same is fixed on Wednesday, 7 February 2024 and it will be paid on or after Friday, 16 February 2024.

VIP Industries is the leading manufacturer of hard and soft luggage in Asia.

The scrip rose 0.63% to Rs 547.50 on the BSE.