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VIP Industries net sales fell 93% to Rs 40.33 crore for quarter ended June'20 compared to corresponding previous year period. Operating margins of the company was negative at 143.4% compared to operating margins of 22.2%. Operating loss was Rs 57.84 crore compared to profit of Rs 125.08 crore.
Other income rose 591% to Rs 17.89 crore. Interest cost was Rs 6.54 crore compared to Rs 5.28 crore. Depreciation rose 9% to Rs 20.89 crore. PBT before EO fell reported loss of Rs 67.38 crore compared to profit of Rs 103.187 crore. The company reported nil EO items during the quarter compared to EO expense of Rs 48.5 crore relating to loss of property, plant and equipment and inventories that were destroyed due to a fire at the company's regional warehouse at Ghaziabad on April 03, 2019. The company has initiated its insurance claim process and considering the company's insurance policy, it expects the loss to be adequately covered. PBT after EO was loss of Rs 67.38 crore compared to profit of Rs 54.68 crore.
Tax expense was credit of Rs 16.06 crore compared to tax expense of Rs 16.06 crore. Net profit reported was loss of Rs 51.32 crore compared to profit of Rs 35.08 crore.
The Company's operations and financial results for the quarter ended June 30, 2020 have been adversely impacted by the outbreak of COVID-19 pandemic, as the travel industry has been amongst the most affected segments in the economy. The pandemic has induced lockdown across the country, resulting in suspension of operations for most of the quarter and gradually resuming operations at its factories, offices and stores, with requisite precautions as per directives issued by the relevant authorities, wherever permitted.
Performance for year ended Mar20
For year ended Mar'20, net sales fell 4% to Rs 1718.32 crore compared to corresponding previous year period. Operating margins of the company rose 440 bps to 17% leading a 3% increase in operating profit to Rs 291.28 crore.
Other income rose 50% to Rs 12.5 crore. Interest cost was Rs 23 crore compared to Rs 1.49 crore. Depreciation rose 405% to Rs 83.87 crore. PBT before EO as a result fell 8% to Rs 196.91 crore. The company had EO expense of Rs 48.5 crore compared to nil in the corresponding previous year. PBT after EO was down 31% to Rs 148.41 crore. Tax expense was down 47% to Rs 36.68 crore. Net profit fell 23% to Rs 111.73 crore.
The scrip is trading at Rs 261 at BSE
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