India, Jan. 11 -- Safari Industries and VIP Industries operate in the same luggage market, sell similar products, and face identical consumer trends. Yet their financial outcomes are sharply different. While Safari continues to report steady profits and healthy operating margins, VIP despite being the market leader has slipped into losses in recent quarters. The contrast is clearly visible in their quarterly numbers.

Safari Industries (India) Limited, founded in 1980 and based in Mumbai, designs, manufactures, and sells luggage, backpacks, and travel accessories in India. Its product range includes hard and soft luggage, laptop and school bags, duffle bags, and travel accessories, marketed under brands like Safari, Safari Select, Genius,...