Reopening of schools has improved demand for backpacks, said Dilip G Piramal, chairman of VIP Industries, on Tuesday, adding that the company is targeting Rs 2,000 crore of revenue in FY23 with a margin in the mid-teens.
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In an interview to CNBC-TV18, he said, “The backpack is a big segment and with schools reopening and we are looking forward to a good quarter.”
On business, he said that sourcing from China has declined from 60 percent to 10 percent, but Bangladesh gives 50 percent of the total units.
He said, “We were buying about 60 percent of our requirement from China and that has come down to 10 percent now and Bangladesh should give us about 50 percent; these are in units because sometimes the units from Bangladesh are a bit smaller and they are more on the economy side.”
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According to him, the margin has been volatile due to input costs and uncertain factors. “Margins are going up and down and right now it’s only up,” said Piramal.
For the entire interview, watch the accompanying video