Revenue from operations increased by 56% YoY to Rs 515 crore during the quarter.

Overall expenses in Q2 FY23 stood at Rs 176 crore as compared to Q2 FY22 at Rs 114 crore, an rise of 54% on YoY basis. The increase in expenses was mainly on account of increase in advertisement spend, employee cost, freight cost and exchange rate fluctuation.

EBIDTA improved by 57% to Rs 77 crore in Q2 FY23 from Rs 49 crore in Q2 FY22. EBIDTA margin was 14.8% in Q2 FY23 as against 14.4% in Q2 FY22.

Profit before tax in Q2 FY23 stood at Rs 52 crore, up 2.1x from Rs 25 crore in Q2 FY22.

V.I.P. Industries, a Dilip Piramal group company, manufactures hard luggage and markets soft luggage imported from Bangladesh and China. VIP is the largest player in the luggage industry in India.

The scrip shed 0.79% to currently trade at Rs 715.25 on the BSE.