VIP Clothing posts Q2 net loss of Rs 2 crore

VIP Clothing Ltd reported a net loss of Rs 2 crore ($2,40,658) for the second quarter ended September, as against Rs 1.5 crore in the year-ago period.

The company’s revenue for the quarter was down by one percent to Rs 52 crore, as against Rs 53 crore in the year-ago period.

“Our industry witnessed softness in demand during the quarter which led to slowdown in our revenue growth. Further, our EBITDA margins stood at 1.29% Q2 FY24 from 5.21% in Q2 FY23 on account of increase in employee count by 35 people to enhance our capabilities to support our growth programs and promotional activities,” the company said in a statement.

“We continue to focus on expanding our presence by adding new distributors and retailers to our network. This strategic initiative has led to increase in our market presence and strengthen our position in key operating regions. We are confident in our ability to navigate the challenges ahead and achieve our long-term goals,” it added.

VIP Clothing Ltd is engaged in the business of manufacturing, marketing and distribution of men’s and women’s innerwear under the brand’s VIP, Frenchie, Feelings, and Leader.