Luggage carrier maker VIP Industries recorded 103 per cent jump in net profits in the second quarter (Q2) of FY11 at Rs 11.4 crore as against Rs 5.6 crore in the same period a year ago.
The net sales of the company rose by 22.5 per cent from Rs 119.3-crore in Q2 of FY10 to Rs 146.2-crore for the same period this fiscal.
"The performance was driven by successful sales promotions which led to increase in value and volume sales during the monsoon season, usually considered a slow time for luggage sales," the company's Chairman Dilip G Piramal said.
The company plans to continue its brand building campaigns and new product launches into the Diwali season. It has re-launched its value brand ALFA and introduced a new product Boxer Strolly.