
VIP Clothing Ltd., one of the leading innerwear companies, has reported a net profit of Rs. 5 crore for the Q3 of current fiscal compared to net loss of Rs. 2 crore in the same period of last fiscal.
At the same time, its’ revenue for the same third quarter declined by 12 percent to Rs. 44 crore, as against Rs. 49 crore reported in the corresponding period of the previous fiscal.
Sunil Pathare, CMD of the company, commenting on the results, stated, “Our results showcase a significant improvement in financial performance in terms of profitability over previous quarters. This is majorly achieved owing to strategic product mix rationalisation 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.”
He further added that the company is focused on improving return on equity and return on capital employed, and this will become visible in the coming quarters, beginning from the reported one.
As per reports, the company is currently in the process of implementing a strategy to strengthen its brand and expand its presence globally.