14 February 2023, Mumbai
VIP’s revenue for the third quarter fell by 12 per cent. Net profit was Rs 5 crores as against a net loss of Rs 2 crores in the year ago period.
VIP Clothing’s results showcase a significant improvement in financial performance in terms of profitability over previous quarters. This was majorly achieved owing to a strategic product mix rationalization by restricting sales of lower margin products and increasing the proportion of higher margin product sales, a strategy which has started to yield preliminary positive results.
The company is focused on improving return on equity and return on capital employed, and this is expected to become visible in the coming quarters, beginning from this one. VIP is at the cusp of a major transformational journey and is currently in the process of implementing a strategy to strengthen its brand and expand its presence globally.
VIP is one of India’s leading intimate apparel companies providing intimate wear to consumers across various segments under different brands. It has a pan-India presence with a very large distribution network. The innerwear brand will launch new products across both online and offline channels. Since the online channel is growing faster and is going to be a key focus area, some products will be launched exclusively online.
