Cash flow VIP Clothing Limited NSE India S.E.

Stocks

VIPCLOTHNG

INE450G01024

Apparel & Accessories

Market Closed - NSE India S.E. 07:05:11 2026-08-21 EDT			5-day change	1st Jan Change
20.44 ^INR	-3.17%		+1.49%	-35.13%

08-13	VIP Clothing Limited Reports Earnings Results for the First Quarter Ended June 30, 2026	CI
05-27	VIP Clothing Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2026	CI

0846e.5HccvUm5VzZkCU_FIOhTLNg-OvBGuR5ol-D115d9hHY.3QRf-Q_3OHwBXziSadAGZaxcbYN22H8fwZXN4fA7_i6zFWjEOM4PfxJHew

Published financial data: VIP CLOTHING LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	1.43B	1.82B	2.01B	1.83B	2.37B
Other Revenues, Total	16.73M	16.16M	9.4M	-	-
Total Revenues	1.45B	1.83B	2.02B	1.83B	2.37B
Cost of Goods Sold, Total	835M	1.09B	1.24B	1.09B	1.46B
Gross Profit	612M	748M	779M	739M	906M
Selling General & Admin Expenses, Total	219M	515M	475M	608M	548M
Provision for Bad Debts	30.14M	-	-	-	-
Depreciation & Amortization - (IS)	39.3M	38.48M	30.62M	27.18M	29.4M
Other Operating Expenses	315M	151M	152M	170M	187M
Other Operating Expenses, Total	603M	704M	657M	806M	764M
Operating Income	9.34M	43.84M	122M	-66.46M	142M
Interest Expense, Total	-98.01M	-76.87M	-69.98M	-78.68M	-73.2M
Interest And Investment Income	1.89M	1.94M	2.4M	3.6M	6.77M
Net Interest Expenses	-96.12M	-74.93M	-67.58M	-75.08M	-66.43M
Currency Exchange Gains (Loss)	-460K	-11.54M	-15.11M	-7.92M	-4.55M
Other Non Operating Income (Expenses)	-11.03M	-15.71M	-21.21M	-12.06M	-6.88M
EBT, Excl. Unusual Items	-98.27M	-58.34M	18.16M	-162M	64.04M
Gain (Loss) On Sale Of Assets	340K	-330K	-1.38M	67K	-
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-	17.48M	66.3M	175K	6.19M
EBT, Incl. Unusual Items	-97.93M	-41.2M	83.07M	-161M	70.23M
Income Tax Expense	-87.48M	-19.06M	16.7M	-34.77M	15.66M
Earnings From Continuing Operations	-10.46M	-22.13M	66.37M	-127M	54.56M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	-10.46M	-22.13M	66.37M	-127M	54.56M
Net Income - (IS)	-10.46M	-22.13M	66.37M	-127M	54.56M
Net Income to Common Incl Extra Items	-10.46M	-22.13M	66.37M	-127M	54.56M
Net Income to Common Excl. Extra Items	-10.46M	-22.13M	66.37M	-127M	54.56M
Per Share Items
Net EPS - Basic	-0.13	-0.27	0.8	-1.53	0.63
Basic EPS - Continuing Operations	-0.13	-0.27	0.8	-1.53	0.63
Basic Weighted Average Shares Outstanding	82.6M	82.6M	82.6M	82.6M	87.22M
Net EPS - Diluted	-0.13	-0.27	0.8	-1.53	0.62
Diluted EPS - Continuing Operations	-0.13	-0.27	0.8	-1.53	0.62
Diluted Weighted Average Shares Outstanding	82.6M	82.6M	82.6M	82.6M	88.42M
Normalized Basic EPS	-0.74	-0.44	0.14	-1.22	0.46
Normalized Diluted EPS	-0.74	-0.44	0.14	-1.22	0.45
Payout Ratio	-	-	-	-	-
Supplemental Items
EBITDA	36.61M	67.54M	138M	-54.37M	155M
EBITA	9.34M	43.84M	122M	-66.46M	142M
EBIT	9.34M	43.84M	122M	-66.46M	142M
EBITDAR	45.89M	79.02M	148M	-44.38M	165M
Total Revenues (As Reported)	1.45B	1.86B	2.02B	1.84B	2.38B
Effective Tax Rate - (Ratio)	89.32	46.28	20.11	21.56	22.3
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	-	11.96M	-	-
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-87.48M	-19.06M	4.74M	-34.77M	15.66M
Normalized Net Income	-61.42M	-36.46M	11.35M	-101M	40.02M
Interest on Long-Term Debt	5.3M	4.36M	3.62M	3.03M	4.74M
Non-Cash Pension Expense	298K	117K	-15K	379K	432K
Supplemental Operating Expense Items
Advertising Expense	37.92M	27.26M	42.88M	57.79M	51.81M
Selling and Marketing Expenses	37.92M	97.01M	101M	119M	51.81M
Net Rental Expense, Total	9.28M	11.48M	10.05M	9.99M	9.89M
Imputed Operating Lease Interest Expense	8.29M	7.2M	5.86M	7.44M	7.11M
Imputed Operating Lease Depreciation	989K	4.28M	4.19M	2.55M	2.78M
Maintenance & Repair Expenses, Total	6.99M	9.38M	10.35M	18.88M	16.98M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	42.39M	13.38M	113M	3M	7.07M
Short Term Investments	33.58M	35.41M	37.5M	40.72M	75.54M
Total Cash And Short Term Investments	75.97M	48.79M	150M	43.72M	82.61M
Accounts Receivable, Total	604M	604M	665M	583M	986M
Other Receivables	150M	184M	117M	70.01M	78.05M
Notes Receivable	1.43M	809K	1.92M	2.28M	2.25M
Total Receivables	755M	789M	783M	655M	1.07B
Inventory	767M	923M	807M	828M	924M
Prepaid Expenses	7.69M	5.56M	7.33M	7.9M	9.38M
Other Current Assets, Total	17.32M	31.66M	30.25M	21.44M	74.47M
Total Current Assets	1.62B	1.8B	1.78B	1.56B	2.16B
Gross Property Plant And Equipment	642M	649M	522M	531M	535M
Accumulated Depreciation	-271M	-305M	-243M	-233M	-258M
Net Property Plant And Equipment	371M	344M	280M	298M	277M
Long-term Investments	25K	835K	25K	-	20.04M
Other Intangibles, Total	694M	694M	694M	694M	694M
Loans Receivable Long-Term	-	986K	1.45M	1.16M	1.1M
Other Long-Term Assets, Total	13.42M	9.89M	95.77M	157M	144M
Total Assets	2.7B	2.85B	2.85B	2.71B	3.29B
Liabilities
Accounts Payable, Total	214M	314M	283M	368M	470M
Accrued Expenses, Total	20.58M	27.88M	33.04M	46.05M	37.45M
Short-term Borrowings	855M	872M	751M	674M	735M
Current Portion of Long-Term Debt	1.34M	30.89M	35.56M	36.61M	32.72M
Current Portion of Leases	-	17.36M	17.33M	14.07M	13.32M
Current Income Taxes Payable	-	-	797K	-	-
Unearned Revenue Current, Total	15.52M	8.97M	168K	340K	3.35M
Other Current Liabilities	20.42M	333K	3.77M	8.55M	8.57M
Total Current Liabilities	1.13B	1.27B	1.12B	1.15B	1.3B
Long-Term Debt	31.26M	100M	68.58M	36.79M	9.36M
Long-Term Leases	38.43M	13.4M	13.81M	44.04M	32.73M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	-	7.27M	-	-	-
Deferred Tax Liability Non Current	81.78M	62.71M	66.32M	30.89M	46.36M
Other Non Current Liabilities	73.46M	58.67M	63.59M	62.81M	59.01M
Total Liabilities	1.35B	1.51B	1.34B	1.32B	1.45B
Common Stock, Total	165M	165M	165M	165M	180M
Additional Paid In Capital	747M	747M	747M	747M	1.05B
Retained Earnings	39.79M	19.84M	82.84M	-45.65M	8.37M
Comprehensive Income and Other	398M	402M	516M	516M	605M
Total Common Equity	1.35B	1.33B	1.51B	1.38B	1.85B
Total Equity	1.35B	1.33B	1.51B	1.38B	1.85B
Total Liabilities And Equity	2.7B	2.85B	2.85B	2.71B	3.29B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	82.6M	82.6M	82.6M	82.6M	90.13M
ECS Total Common Shares Outstanding	82.6M	82.6M	82.6M	82.6M	90.13M
Book Value / Share	16.35	16.15	18.3	16.75	20.48
Tangible Book Value	657M	640M	818M	690M	1.15B
Tangible Book Value Per Share	7.95	7.75	9.9	8.35	12.78
Total Debt	926M	1.03B	886M	805M	823M
Net Debt	850M	985M	736M	762M	740M
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.71M	-206K	5.06M	5.97M	2.03M
Debt Equivalent Oper. Leases	74.26M	91.87M	80.37M	79.94M	79.14M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	284M	239M	218M	234M	310M
Inventories - Work In Process, Total	158M	185M	211M	201M	191M
Inventories - Finished Goods, Total	325M	498M	378M	393M	423M
Land - (BS)	129M	133M	129M	129M	129M
Buildings, Total	189M	189M	141M	141M	141M
Machinery, Total	272M	272M	192M	192M	198M
Full Time Employees	1.12K	1.04K	1.01K	1.05K	974
Accumulated Allowance for Doubtful Accounts (Supple)	31M	30.12M	41.48M	75.98M	80.98M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	-10.46M	-22.13M	66.37M	-127M	54.56M
Depreciation & Amortization - CF	38.9M	38.43M	30.57M	27.17M	29.4M
Depreciation & Amortization, Total	38.9M	38.43M	30.57M	27.17M	29.4M
Amortization of Deferred Charges, Total - (CF)	394K	54K	54K	7K	-
(Gain) Loss From Sale Of Asset	-340K	328K	-59.94M	-67K	-
Provision and Write-off of Bad Debts	-	25.01M	13.28M	34.93M	5.12M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	18.42M	44.38M	99.3M	52.2M	80.73M
Change In Accounts Receivable	-117M	-24.12M	-77.51M	55.62M	-408M
Change In Inventories	157M	-156M	116M	-20.76M	-96.46M
Change In Accounts Payable	6.03M	105M	-33.65M	87.24M	108M
Change in Other Net Operating Assets	-34.4M	-63.44M	-23.15M	-5.54M	-146M
Cash from Operations	57.96M	-52.68M	131M	104M	-374M
Capital Expenditure	-5.89M	-696K	-2.34M	-1.7M	-6.22M
Sale of Property, Plant, and Equipment	699K	-	113M	201K	-
Investment in Marketable and Equity Securities, Total	-10.7M	-2.82M	-1.14M	-2.23M	40.58M
Other Investing Activities, Total	3.59M	3.77M	1.45M	2.03M	5.12M
Cash from Investing	-12.3M	248K	111M	-1.7M	39.48M
Short Term Debt Issued, Total	-	112M	-	-	-
Long-Term Debt Issued, Total	104M	-	-	-	33.64M
Total Debt Issued	104M	112M	-	-	33.64M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-16.08M	-19.59M	-164M	-127M	-14.47M
Total Debt Repaid	-16.08M	-19.59M	-164M	-127M	-14.47M
Issuance of Common Stock	-	-	113M	-	408M
Repurchase of Preferred Stock	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-109M	-69.05M	-92.02M	-85.44M	-89.29M
Cash from Financing	-21.42M	22.87M	-143M	-212M	338M
Net Change in Cash	24.24M	-29.56M	99.35M	-110M	4.07M
Supplemental Items
Cash Interest Paid	98.01M	69.05M	92.02M	85.44M	89.29M
Cash Income Tax Paid (Refund)	827K	869K	10.39M	2.21M	1.88M
Levered Free Cash Flow	-14.03M	-103M	78.8M	106M	-400M
Unlevered Free Cash Flow	47.23M	-55.08M	123M	155M	-354M
Change In Net Working Capital	-7.99M	120M	-17.98M	-171M	466M
Net Debt Issued / Repaid	87.62M	91.92M	-164M	-127M	19.17M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.22	0.99	2.68	-1.49	2.96
Return on Total Capital	0.26	1.18	3.2	-1.81	3.65
Return On Equity %	-0.77	-1.65	4.66	-8.74	3.38
Return on Common Equity	-0.77	-1.65	4.66	-8.74	3.38
Margin Analysis
Gross Profit Margin %	42.29	40.8	38.66	40.33	38.24
SG&A Margin	15.11	28.07	23.54	33.2	23.12
EBITDA Margin %	2.53	3.68	6.86	-2.97	6.56
EBITA Margin %	0.64	2.39	6.05	-3.63	5.99
EBIT Margin %	0.64	2.39	6.05	-3.63	5.99
Income From Continuing Operations Margin %	-0.72	-1.21	3.29	-6.9	2.3
Net Income Margin %	-0.72	-1.21	3.29	-6.9	2.3
Net Avail. For Common Margin %	-0.72	-1.21	3.29	-6.9	2.3
Normalized Net Income Margin	-4.24	-1.99	0.56	-5.51	1.69
Levered Free Cash Flow Margin	-0.97	-5.62	3.91	5.78	-16.87
Unlevered Free Cash Flow Margin	3.26	-3	6.08	8.46	-14.93
Asset Turnover
Asset Turnover	0.53	0.66	0.71	0.66	0.79
Fixed Assets Turnover	3.76	5.1	6.46	6.35	8.24
Receivables Turnover (Average Receivables)	2.63	3.01	3.16	2.92	3.02
Inventory Turnover (Average Inventory)	0.99	1.28	1.43	1.34	1.67
Short Term Liquidity
Current Ratio	1.44	1.41	1.58	1.36	1.66
Quick Ratio	0.74	0.66	0.83	0.61	0.88
Operating Cash Flow to Current Liabilities	0.05	-0.04	0.12	0.09	-0.29
Days Sales Outstanding (Average Receivables)	139.03	121.27	115.4	125.45	120.89
Days Outstanding Inventory (Average Inventory)	369.39	284.12	255.37	273.62	218.59
Average Days Payable Outstanding	113.27	79.06	97.32	106.67	98.16
Cash Conversion Cycle (Average Days)	395.15	326.33	273.46	292.41	241.31
Long Term Solvency
Total Debt/Equity	68.54	77.49	58.62	58.21	44.6
Total Debt / Total Capital	40.67	43.66	36.95	36.79	30.84
LT Debt/Equity	5.16	8.52	5.45	5.84	2.28
Long-Term Debt / Total Capital	3.06	4.8	3.44	3.69	1.58
Total Liabilities / Total Assets	50.01	53.16	46.94	48.87	43.97
EBIT / Interest Expense	0.1	0.57	1.74	-0.84	1.94
EBITDA / Interest Expense	0.49	1.07	2.18	-0.5	2.34
(EBITDA - Capex) / Interest Expense	0.43	1.06	2.15	-0.52	2.26
Total Debt / EBITDA	19.19	12.56	5.81	-20.49	4.8
Net Debt / EBITDA	17.61	11.97	4.82	-19.38	4.32
Total Debt / (EBITDA - Capex)	21.86	12.67	5.9	-19.64	4.99
Net Debt / (EBITDA - Capex)	20.06	12.07	4.9	-18.58	4.49
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-17.27	26.76	9.93	-8.65	29.25
Gross Profit, 1 Yr. Growth %	-1.41	26.89	5.28	-3.08	22.54
EBITDA, 1 Yr. Growth %	-124.65	87.63	97.52	-142.2	-385.98
EBITA, 1 Yr. Growth %	-105.28	402.87	163.69	-159	-313.5
EBIT, 1 Yr. Growth %	-105.28	402.87	163.69	-159	-313.5
Earnings From Cont. Operations, 1 Yr. Growth %	-93.01	111.69	-399.87	-290.62	-143.13
Net Income, 1 Yr. Growth %	-93.01	111.69	-399.87	-290.62	-143.13
Normalized Net Income, 1 Yr. Growth %	-64.36	-41	-131.12	-989.51	-139.65
Diluted EPS Before Extra, 1 Yr. Growth %	-92.82	107.69	-396.3	-291.46	-140.68
Accounts Receivable, 1 Yr. Growth %	24.16	0.08	10.01	-13.43	69.15
Inventory, 1 Yr. Growth %	-16.98	20.38	-12.56	2.57	11.65
Net Property, Plant and Equip., 1 Yr. Growth %	-6.69	-8.22	-18.7	6.36	-6.84
Total Assets, 1 Yr. Growth %	-0.79	5.41	0.05	-5.33	21.74
Tangible Book Value, 1 Yr. Growth %	-2.24	-2.52	27.79	-15.71	67.05
Common Equity, 1 Yr. Growth %	-1.13	-1.23	13.33	-8.5	33.42
Cash From Operations, 1 Yr. Growth %	-59.43	-190.88	-474.55	-20.53	-458.25
Capital Expenditures, 1 Yr. Growth %	119.04	-86.59	233.76	-27.4	265.43
Levered Free Cash Flow, 1 Yr. Growth %	-107.13	610.14	-361.92	-11.15	-477.14
Unlevered Free Cash Flow, 1 Yr. Growth %	-81.4	-217.86	528.85	-4.82	-328.08
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-16.76	2.38	18.04	-0.03	8.66
Gross Profit, 2 Yr. CAGR %	-15.56	9.78	14.96	-0.07	8.98
EBITDA, 2 Yr. CAGR %	-11.21	-32.56	95.96	-11.86	9.86
EBITA, 2 Yr. CAGR %	-28.14	-50.19	274.17	19.83	12.23
EBIT, 2 Yr. CAGR %	-28.14	-50.19	274.17	19.83	12.23
Earnings From Cont. Operations, 2 Yr. CAGR %	-58.91	-61.52	151.95	139.09	-9.33
Net Income, 2 Yr. CAGR %	-58.91	-61.52	151.95	139.09	-9.33
Normalized Net Income, 2 Yr. CAGR %	22.8	-54	-57.15	66.39	87.79
Diluted EPS Before Extra, 2 Yr. CAGR %	-58.37	-61.38	148.07	138.18	-11.97
Accounts Receivable, 2 Yr. CAGR %	-0.07	11.47	4.93	-1.77	21.01
Inventory, 2 Yr. CAGR %	-17.14	-0.03	2.6	-5.29	7.02
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.96	-7.01	-13.62	-7.01	-0.46
Total Assets, 2 Yr. CAGR %	-5.48	2.26	2.69	-2.53	7.36
Tangible Book Value, 2 Yr. CAGR %	-10.47	-2.38	11.61	3.79	18.66
Common Equity, 2 Yr. CAGR %	-5.68	-1.18	5.8	1.83	10.49
Cash From Operations, 2 Yr. CAGR %	-8.55	-39.28	50.47	72.52	68.73
Capital Expenditures, 2 Yr. CAGR %	4.09	-49.12	-32.82	55.66	62.88
Levered Free Cash Flow, 2 Yr. CAGR %	61.14	-27.61	132.95	87.64	83.06
Unlevered Free Cash Flow, 2 Yr. CAGR %	-4.67	-53.43	61.93	182.14	47.34
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-13.44	-4.25	4.84	8.21	8.91
Gross Profit, 3 Yr. CAGR %	-13	-4.47	7.87	7.82	6.96
EBITDA, 3 Yr. CAGR %	-30.86	13.29	-2.36	14.74	30.49
EBITA, 3 Yr. CAGR %	-51.37	34.35	-11.61	96.81	45.27
EBIT, 3 Yr. CAGR %	-51.37	34.35	-11.61	96.81	45.27
Earnings From Cont. Operations, 3 Yr. CAGR %	-29.51	-29.04	-23.72	129.58	35.09
Net Income, 3 Yr. CAGR %	-30.18	-29.04	-23.72	129.58	35.09
Normalized Net Income, 3 Yr. CAGR %	59.19	-3.62	-59.62	17.77	3.15
Diluted EPS Before Extra, 3 Yr. CAGR %	-28.88	-28.86	-23.83	127.55	31.93
Accounts Receivable, 3 Yr. CAGR %	-2.52	-0.02	10.98	-1.15	17.74
Inventory, 3 Yr. CAGR %	-12.25	-6.16	-4.4	2.59	0.05
Net Property, Plant and Equip., 3 Yr. CAGR %	-3.24	-3.79	-11.08	-7.41	-6.95
Total Assets, 3 Yr. CAGR %	-9.43	-1.98	1.52	0.05	4.97
Tangible Book Value, 3 Yr. CAGR %	-1.93	-7.89	6.79	1.64	21.63
Common Equity, 3 Yr. CAGR %	-11.47	-4.22	3.44	0.8	11.43
Cash From Operations, 3 Yr. CAGR %	-29.63	-8.74	-2.79	21.63	120.1
Capital Expenditures, 3 Yr. CAGR %	-11.05	-49.6	-4.49	-31.06	106.88
Levered Free Cash Flow, 3 Yr. CAGR %	-61.44	167.27	-26.29	93.94	136.8
Unlevered Free Cash Flow, 3 Yr. CAGR %	-36.92	1.96	-21.57	49.17	162.82
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-5.74	-4.61	-2.02	-2.58	6.25
Gross Profit, 5 Yr. CAGR %	-4.75	-3.49	-3.46	-2.94	7.85
EBITDA, 5 Yr. CAGR %	33.39	-16.4	4.53	3.2	0.92
EBITA, 5 Yr. CAGR %	-20.83	-19.5	8.5	29.74	-4.29
EBIT, 5 Yr. CAGR %	-20.83	-19.5	8.5	29.74	-4.29
Earnings From Cont. Operations, 5 Yr. CAGR %	-34.21	-17.37	17.33	15.36	-18.26
Net Income, 5 Yr. CAGR %	-36.25	-21.42	16.65	15.36	-18.26
Normalized Net Income, 5 Yr. CAGR %	-8.2	38.7	-5.71	19.91	-25.32
Diluted EPS Before Extra, 5 Yr. CAGR %	-36.75	-20.85	17.23	15.35	-19.29
Accounts Receivable, 5 Yr. CAGR %	1.86	2.71	0.39	-0.72	15.19
Inventory, 5 Yr. CAGR %	-7.87	-2.23	-6.59	-5.81	0.01
Net Property, Plant and Equip., 5 Yr. CAGR %	-4.94	-5.49	-7.36	-5.09	-6.98
Total Assets, 5 Yr. CAGR %	2.11	-3.54	-4.76	-2.2	3.88
Tangible Book Value, 5 Yr. CAGR %	-3.75	15.78	3.28	-3.39	11.39
Common Equity, 5 Yr. CAGR %	7.67	-3.11	-4.93	-1.84	6.2
Cash From Operations, 5 Yr. CAGR %	-10.28	-12.44	-4.63	8.51	21.2
Capital Expenditures, 5 Yr. CAGR %	-26.39	-32.59	-22.48	-20.73	18.25
Levered Free Cash Flow, 5 Yr. CAGR %	-38.82	58.43	-20.27	81.35	15.21
Unlevered Free Cash Flow, 5 Yr. CAGR %	-12.31	-5.99	-8.22	24.45	6.85