VIP Industries stock jump back from 4% drop at open as Q3 Net Profit declines by 84%

VIP Industries faced a 4 percent decline in shares at the NSE opening on January 31, following the company’s announcement of an 84 percent year-on-year decrease in net profit for Q3FY24. At 9:30 am, the stock was trading at Rs 519.80.

On January 30, VIP Industries reported a consolidated net profit of Rs 7.15 crore for the December quarter of FY2024, marking an 83.78 percent decline from Rs 44.10 crore in the corresponding quarter of the previous financial year. The total revenue for the same period amounted to Rs 546.4 crore, registering a 4 percent year-on-year increase.

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Earnings before interest, tax, depreciation, and amortization (EBIDTA) for the period stood at Rs 52.3 crore, reflecting a 28 percent decline and a margin of 9.6 percent, down from 13.9 percent in the year-ago period. In addition, VIP Industries declared an interim dividend of Rs 2 per equity share with a face value of Rs 2 each for the financial year 2023-24, scheduled for payment on or after February 16, 2024.

As of 1:16 pm, VIP Industries shares showed a partial recovery, trading 1 percent higher at ₹549.05. Investors continue to monitor the company’s financial performance and market dynamics.