The consumer electricals and electronics major V-Guard Industries Ltd registered 54 percent increase in PAT at Rs. 58.75 crore in the second quarter of the current fiscal, against Rs. 38.04 crore in the corresponding quarter last year.
The consolidated net revenue from operations for the quarter was Rs. 623.27 crore (Rs. 604.50 crore), an increase of 3.1 percent. During the quarter, stabilizer and electrical segment registered growth. Overall, subdued consumer demand impacted top-line growth.
Non-South markets contributed 37 percent of turnover, up from 35.7 percent in the corresponding quarter of the previous year.
The results for the quarter also included a write-back of Rs. 10.12 crore of ESOP provisions no longer required.
Mithun K.Chittilappilly, Managing Director, V Guard Industries Ltd, said: “weak demand conditions significantly impacted our overall top line performance. Despite challenges, our stabilizer and electrical categories performed well. Pricing actions and cost effectiveness measures combined with a benign commodity environment helped to improve gross margins. We are confident that the macro economic conditions will improve in the coming quarters. We continue to make good progress in growing our business in the non-South markets”.―The Hindu Business Line