VIP Industries, leading luggage maker based in Mumbai, today reported a rise of 85.4% in its net profit to Rs 584 million for the quarter ended Mar. 31, 2014 as compared to Rs 315 million in the same period last year.

Total revenues increased by 16.13% to Rs 9.72 billion over Rs 8.37 billion in the same period a year ago.

The board of directors of VIP Industries has recommended final dividend of Rs 1.20 share (60%).

The company has already paid interim dividend of Rs 0.50 share (25%). Hence, total dividend for financial year will be Rs 1.70 share (85%) The total outflow on account of the dividend would be Rs 281.1 million (including corporate tax on dividend).

Shares of the company gained Rs 2.3, or 2.16%, to settle at Rs 108.65. The total volume of shares traded was 1,183,083 at the BSE (Wednesday).