VIP Industries Limited, Asia’s largest luggage manufacturer, posted a net profit of Rs 16.10 crore for the year ended March 31, 2007. This is up from the net profit of Rs 4.5 crore posted during fiscal 2006. The company posted net sales/income of Rs 449.75 crore for the year ended March 31, 2007, as compared to Rs 327.00 crore posted during fiscal 2006.
The board of directors of the company, at the meeting held on June 4, 2007, recommended a dividend at the rate of Rs 2.50 per share for the approval of shareholders, for fiscal 2007. The board of directors has approved, in principle, the proposal of amalgamation of Aristocrat Luggage Limited and Quality Plastics Limited with the company, and formed a committee of directors for assessing feasibility, appointment of valuers, recommendation of exchange ratio, etc.