Leading manufacturer of luggage and travel accessories VIP Industries yesterday (2nd June 2020) said it might take a 50 percent hit on its top line in FY21 due to a bleak demand environment for its products following the Covid-19 disruption.
The Covid-19 pandemic has brought the travel & tourism industry to a grinding halt, denting VIP Industries’ March quarter sales by Rs 120 crore. The company reported a 28.4 percent YoY drop in consolidated net sales at Rs 311.30 crore against Rs 435 crore in the year-ago quarter. Profit for the quarter fell 72.2 percent to Rs 9.5 crore from Rs 26 crore in the year-ago quarter.
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