V-Guard’s net profit for 1QFY20 increases by 54 percent

V-Guard Industries Limited has recently announced the unaudited financial results for the quarter ended June 30, 2019.

1QFY20 highlights:

  • Consolidated net revenue from operations for the quarter ended June 30, 2019, was Rs 707 crore – an increase of 10 percent over previous year (Rs 642 crore).
  • Consolidated profit-after-tax for the quarter ended June 30, 2019, was Rs 53 crore – increase of 54 percent over the previous year (Rs 34.5 crore).
  • Electronics and consumer durables segments grew well during the quarter under review.
  • Adopted Ind AS 116 (Leases) from April 1, 2019. The impact on profit-before-tax is not material.
  • Non-south markets contributed 46 percent of net revenue for the quarter.

Commenting on the company’s performance, Mithun K Chittilappilly, managing director, V-Guard Industries Ltd., said, “During the quarter under review, both electronics and consumer durables segments performed well. Electricals segment was impacted by trade destocking of wires category caused by downward trend in copper prices. We are making satisfying progress with our new categories and new markets. We continue to invest toward enhancing organizational capabilities and improving our competitiveness in the market, and expect to sustain the growth momentum in the coming quarters.”

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