VIP Industries shares hit 52-week low after Q3 net profit tanks 84%

Shares of multibagger VIP Industries Ltd slipped over 5% to a fresh 52-week low in early trade today after the luggage maker reported a 84 percent fall in Q3 net profit. Consolidated net profit declined to Rs 7.15 crore in the last quarter against Rs 44.10 crore in the corresponding quarter of the previous financial year.

Total revenue climbed 4% to Rs 546.4 crore against Rs 526.4 crore in the year-ago quarter, the company said in a regulatory filing.

The stock fell 5.66% intraday to a yearly low of Rs 513.25 on BSE today. VIP Industries shares opened lower at Rs 531.05 against the previous close of Rs 544.05 on BSE. Total 2.13 lakh shares of the firm changed hands amounting to a turnover of Rs 11.22 crore on BSE. Market cap of VIP Industries slipped to Rs 7751.81 crore.   

In terms of technicals, the relative strength index (RSI) of VIP Industries stands at 36.8, signaling it’s trading neither in the oversold nor in the overbought zone. VIP Industries stock has a one-year beta of 0.6, indicating very low volatility during the period. VIP Industries shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 

On the other hand, shares of VIP Industries lost 10.69% this year and fell 22% in a year.

Consolidated earnings before interest, tax, depreciation and amortization (EBIDTA) slipped 28% to Rs 52.3 crore. The firm’s EBIDTA margins came in at 9.6 percent against 13.9 percent in the year-ago period.

The Board of Directors also declared an interim dividend of Rs 2 per equity share for the financial year 2023-24. This dividend, representing 100 percent, will be paid on or after February 16, 2024.

 

 

Also read: Hot stocks on January 31: Vakrangee, IREDA, Delhivery, IRFC and more

Also read: L&T, SRF, Astral, Zodiac Energy: Stocks to keep an eye out for

Also read: PB Fintech shares rally 15% to surpass IPO price after 2 years; what's next for the stock?