VIP Industries reported a 58 percent jump in net profit for the first quarter ended June.

Dilip G Piramal, chairman of the company, spoke to CNBC-TV18 about the earnings and the company's outlook.

Piramal said that they took a price hike of 3 percent in July.

“I feel that we will definitely be able to clock more than 20 percent growth in coming quarters,” he said.

Talking about business, Piramal said, “All the factors are fairly favourable; our Indian economy is doing quite well. The travel business is doing very well as is evidenced by the boom in aviation and our own competitive strength within the industry is very strong.”

“All our four luggage brands are doing extremely well," added Piramal.