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VIP Industries, a leading luggage and travel accessories manufacturer, announced the resignation of its managing director, Anindya Dutta, on 14th August 2023, which will be effective from the close of business hours on 13th November 2023. Dutta tendered his resignation due to personal reasons.
Following the recommendation of the nomination and remuneration committee, the board of directors unanimously appointed Neetu Kashiramka as the managing director designate and chief financial officer, effective from 15 August 2023. Kashiramka officially assumed the role from 14 November 2023, subject to approval from the company's shareholders.
Neetu Kashiramka joined V.I.P. Industries on 7 April 2020, as the chief financial officer. Recently, she was appointed as the executive director and chief financial officer on 8 May 2023. With over 26 years of post-qualification experience as a qualified Chartered Accountant, Kashiramka has held pivotal positions in reputed organizations such as Greaves Cotton, where she served as the CFO. She has also contributed significantly to the growth of Jyothy Laboratories during her 17-year tenure. Kashiramka's expertise encompasses various aspects of corporate finance, including ERP implementation, fundraising, mergers and acquisitions, financial control, budgeting, and investor relations.
VIP Industries is the leading manufacturer of hard and soft luggage in Asia. The company reported consolidated net loss of Rs 4.26 crore in Q4 FY23 compared with net profit of Rs 12.39 crore in Q4 FY22. Net sales jumped 26.6% to Rs 450.57 crore in Q4 FY23 as against Rs 355.90 crore in Q4 FY22.
Shares of VIP Industries fell 1.32% to Rs 664.75 on 14 August 2023.
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