VIP Industries posted muted revenue growth in the first quarter of the fiscal year 2020. Chairman Dilip G Piramal said, “Weakening yuan is a good thing. We buy quite a lot of finished product from China. We do buy raw material for our Bangladesh operations."

In terms of revenue growth, he added, “At this time, it does look like that 9-10 percent is a new normal. It is very certain. The outlook is bad at the moment. We are doing better than most of the companies.”

Speaking about market share, Piramal said, “We have gained a point or so in last quarter. Our market share is very strong.”

“Our margins are very dependent on the overall volume. There is so much uncertainty at the moment. I think we are looking at the 12 percent margin like last year,” he further mentioned.

On ad spends, he said, “We always spend between 5 percent and 6 percent.”

When asked about the growth rate of VIP in this quarter and how is it compared to the company’s average growth rate, he replied, “It is the same. You cannot see this on a month-to-month basis.”