Shares of VIP Industries Ltd. dropped to a 52-week low on Thursday after the luggage manufacturer's consolidated net profit declined 16% in the first quarter.
The profit fell to Rs 57.8 crore in the June quarter compared to Rs 69.1 crore in the same period last fiscal, according to an exchange filing on Wednesday.
VIP Industries Q1 FY24 Highlights (Consolidated, YoY)
Revenue was up 8% at Rs 636.1 crore.
Ebitda down 21% at Rs 80.6 crore.
Ebitda margin at 12.7% vs. 17.4%
Net profit down 16% at Rs 57.8 crore.
Shares of VIP Industries fell as much as 7.03% intra-day to Rs 548.95 apiece, the lowest since July 28, 2022. It pared losses to trade 0.05% lower at Rs 590.15 per share, compared to a 1.13% decline in the benchmark NSE Nifty 50 at 2:19 p.m.
The stock has declined 9.67% year to date. The total traded volume stood at 11.7 times its 30-day average. The relative strength index was 44.98.
All 12 analysts tracking VIP Industries maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 37.7%.
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