VIP targets 15 per cent jump; aims zero-debt in two years

Leading luggage maker VIP Industries has announced that the company is looking ahead with 15 per cent growth in top line this fiscal. It aims to become a zero-debt company in the next two years.

The company has plans to consolidate itself in allied segments such as handbags and backpacks this fiscal.

VIP Industries Chairman Dilip Piramal said that sales should pick up considerably this month as the market is perking up, also the marriage season is around the corner. He also added that the company is planning to improve its product offerings in segments such as handbags, backpacks, etc.

The company clocked a 24 per cent jump in its net sales in FY 10 at Rs 626.6 crore as against Rs 505.6 crore in the year-ago period. Its Profit After Tax (PAT) vaulted 463 per cent to Rs 50.1 crore as against Rs 8.9 crore in the year-ago period.