V.I.P. Industries Ltd., Asia’s largest luggage manufacturer, reported a total income of Rs.82.69 crore for the second quarter ended September 30, 2006 as compared to Rs. 70.72 crore (17% growth) in the corresponding quarter of the previous year. Profit After Tax has decreased from Rs 0.82 crore to Rs 0.10 crore in the second quarter of this year ended September 30, 2006. Exports have risen sharply by 68% to Rs 19.53 crore during the quarter as compared to Rs 11.63 crore in the corresponding quarter of last year, with substantial contribution from the “Carlton” range of premium luggage.

For the first six months of the current year, V.I.P. has posted a 13% growth in total income at Rs 195.16 crore. It stood at Rs 173.17 crore in the corresponding period of the previous year. Profit After Tax has decreased from Rs 6.05 crore to Rs 4.27 crore in the first six months of this year. The reduction in Profit is due to the fact that the company had rolled out a major advertising campaign in the first half as also start-up costs of the new plant at Haridwar. EPS for the half year stands at Rs 2.75(Not annualized)

- End -

About VIP Industries Ltd.

VIP Industries Ltd. is Asia's leading manufacturer of hard and soft luggage and VIP is the largest brand of luggage in Asia.

We make travel simple and convenient for millions of people around the world, with a world-class range of products and services designed to help them experience all the joys of traveling and none of the hassles.

Behind every VIP is the backing of the US$ 200 million DG Piramal Group and an expert design team that constantly innovates, exploring new technologies and materials to create luggage that matches the world's highest standards.