For the first quarter that ended on June 30, Safari Industries Ltd. recorded an 11% decrease in net profit to Rs 44 crore ($5.2 million), compared to Rs 50 crore in the same period the previous year.
Compared to the same quarter in the prior fiscal year, when the company’s sales were Rs 427 crore, they increased by 5% to Rs 450 crore for the current quarter.
Safari incurred Rs 401 crore in expenses during the April–June quarter, an increase of 10% year over year.
In order to increase its retail presence and broaden its market penetration in India for baggage, Safari Industries Ltd. raised Rs 229 crore earlier this year from Lighthouse Funds.
The Mumbai-based Safari Industries product range includes travel accessories, backpacks, duffel bags, and gift items, among other products. It retails through its direct-to-customer e-commerce store and retail stores across India.
