Mumbai-based VIP Clothing Limited, known for innerwear, has reported a massive surge in its net profit for FY ’23 as it has net profit of Rs.6.63 crore in FY ’23 against a loss of Rs.2.21 crore for FY ’22.
The company’s total income increased 9 per cent as it was Rs.202.38 crore during the financial year ended 31st March 2023 as compared to Rs.185.50 crore during the fiscal ended 31st March 2022.
The company’s total income was Rs. 51.73 crore for Q4 FY ’23 compared to Rs. 49.44 crore for the same quarter of FY ‘2022. During Q4 FY ’23, the company has a profit of Rs. 1.97 crore against Rs. 2.08 crore for Q4 FY ’22.
In a statement, the company said that the robust financial performance for the financial year 2023 can be attributed to the company’s strong brand positioning, effective marketing strategies, strong distributorship, and the ability to tap into growing demand for high-quality innerwear.
It further added that VIP Clothing is at the cusp of its transformational journey and aims to further enhance its asset turnover, increase profitability, further improve working capital days, streamline the manufacturing and sourcing process, improve advertising efficiency and leverage technology to drive growth while boosting brand recall with customers.
