VIP Industries reported 75.08% steel fall in the Sep-20 quarter top line revenues at Rs102.75cr. Being in the luggage manufacturing business, VIP has been badly impacted by the ban on domestic and international travel, which has severely constrained demand.
For the Sep-20 quarter, the company dipped into an operating loss of Rs40.77cr as opposed to an operating profit of Rs45.04cr in Sep-19 quarter. Since fixed costs were hitting numbers, the company has taken a number of steps including termination of leases, re-negotiation of leases and other forms of cost cutting till the COVID impact is over.
For the Sep-20 quarter, the company also reported a net loss of Rs35.39cr as against a net profit of Rs32.92cr in Sep-19 quarter. However, these numbers are strictly not comparable considering that this is a special situation COVID-19 related problem. The company does not foresee too much of long term damage to their market positioning.
Financial highlights for Sep-20 compared yoy and sequentially
|
|
VIP Industries |
|
|
|
|
Rs in Crore |
Sep-20 |
Sep-19 |
YOY |
Jun-20 |
QOQ |
|
Revenues |
102.75 |
412.27 |
-75.08% |
40.33 |
154.77% |
|
Operating Profit |
-40.77 |
45.04 |
Not Relevant |
-78.50 |
Not Relevant |
|
Profit After Tax (PAT) |
-35.39 |
32.92 |
Not Relevant |
-51.32 |
Not Relevant |
|
|
|
|
|
|
|
|
Diluted EPS (Rs) |
₹ -2.49 |
₹ 2.33 |
|
₹ -3.63 |
|
|
Operating Margins |
-39.68% |
10.92% |
|
-194.64% |
|
|
PAT Margins |
-34.44% |
7.99% |
|
-127.25% |
|
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