19 August 2024, Mumbai
The Q1, FY25 net profit of VIP Clothing declined by 62 per cent to Rs 23 lakhs ($27,392) compared to Rs 61 lakhs in the same period last year.
The company's revenue for the quarter also fell by 7 per cent to Rs 50 crore from Rs 54 crore in the corresponding quarter of the previous fiscal year.
Despite the decline, VIP Clothing is optimistic about a potential turnaround. The company noted early signs of recovery and increased consumer demand in its key markets during Q1 FY25. It onboarded eight new distributors to expand market presence. This will boost its financial performance in the coming quarters, says a company spokesperson.
VIP Clothing remains cautiously hopeful about sustained demand growth and improved financial results in future.
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