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VIP Ind consolidated revenues grow 7 pc, 20 pc dividend declared

Written by: Staff

Mumbai, Apr 25 (UNI) Asia's largest luggage manufacturer VIP Industries has reported a total income of Rs 84.34 crore for Q4 FY 06, an eight per cent growth over Q4 of the previous year, on a stand-alone basis.

However, its net profit slipped from Rs 4.32-crore in Q4 last fiscal to Rs 3.76-crore in Q4 FY 06.

The board of directors of the Company has also declared a dividend of 20 per cent (Rs 2 per share).

A press release issued here today stated that for FY 06, the Company's total income increased 5.2 per cent to Rs 320.46 crore while its EBITA rose by 6.1 per cent to Rs 35.14 crore as against Rs 33.12 crore recorded in the previous year.

Profits at the net level showed promise by coming in 11.7 per cent higher at Rs 8.12 crore, as against Rs 7.27 crore recorded in the previous year while standalone EPS for the full year stood at Rs 5.29 on the equity of Rs 15.55 crore.

During the year, exports leap-frogged by 53 per cent to Rs 55.85 crore, driven largely by exports for Carlton, a brand which the Company was able to re-establish in Europe and south-east Asian markets, stated the release.

''The results are in line with our expectations. With Carlton in our kitty, new product launches, fresh approach to branding and expansion of retail network, VIP is poised for better times,'' said the Company's Chairman Dilip G Piramal, adding ''we will shortly introduce the world-class Carlton range in the domestic market as well.'' The introduction of the Carlton brand in India is expected to give the Company the much-needed fillip in the upper end of the domestic luggage market, Mr Piramal said.

For the full year on a consolidated basis, total income stood at Rs 335.12-crore, a growth of 7.6 per cent over the Rs 311.46-crore reported in the previous year while EBIDTA has shown an increase of 2.9 per cent at Rs 31.75 crore. Consolidated EPS stands at Rs 2.93.

''As we establish more beachheads for Carlton in newer markets, we expect our distribution to improve and hence our financials to turn healthier. A few new markets are being opened up and these should take care of growth,'' said Mr Piramal.

During the year, VIP Industries also set up a new plant at Haridwar in Uttaranchal with injection moulding, frame manufacturing, anodizing and powder coating facilities at a capex of Rs 16-crore with an installed capacity of about two million pieces per annum.

This plant commenced commercial production in April this year and will primarily cater to the civil market (Trade) and will lead to substantial income tax and excise duty benefits for the Company, stated the release.


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