Shares of VIP Industries Ltd., world’s second-largest luggage maker, were swinging between gains and losses on Tuesday after a one-off expense dragged the company into a net loss during the March quarter.

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The company reported a net loss of Rs 4.26 crore during the quarter, compared to a net profit of Rs 12.39 crore in the same quarter last year. This was due to an exceptional loss of Rs 47 crore that it incurred owing to a fire accident at its Bangladesh plant, which disrupted production operations.

On the revenue front, the company's topline grew by 27 percent year-on-year to Rs 450.57 crore. Gross margin also improved to 57.9 percent from 53.3 percent in the year-ago quarter.

Operating leverage and a low base of last year aided VIP Industries' operating profit or EBITDA, which nearly doubled from last year to Rs 64.28 crore.

The management plans on investing another Rs 200 crore as capex to enhance capacities after already having deployed Rs 100 crore in India and Bangladesh for the same.

VIP Industries is also on track to achieve 800 exclusive brand outlets by the end of the current financial year. It also aims to be present in every town which has a population of over 50,000 by the middle of the current financial year.

“In FY24, we will also focus on building strong foundations in future growth areas of expansion in international markets and in women’s fashion accessories through the brand Caprese,” said VIP Industries managing director Anindya Dutta.

Shares of VIP Industries are trading 1.1 percent lower at Rs 614.30.