Friday, 26 July 2019

V-Guard’s Net Profit for Q1 2019-20 increases by 54%

 V-Guard Industries Limited, India’s leading consumer electrical and electronics company, announced the unaudited financial results for the quarter ended June 30, 2019.
Q1 FY 20 highlights:
·           Consolidated Net Revenue from operations for the quarter ended June 30, 2019 was           Rs. 707 crores; an increase of 10% over previous year (Rs.642 crores).

·           Consolidated Profit After Tax for the quarter ended June 30, 2019 was Rs. 53 crores; Increase of 54% over the previous year (Rs.34.5 crores).

·           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% of Net Revenue for the quarter.

Business Outlook:

Commenting on the company’s performance, Mr. 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 towards enhancing organisational capabilities and improving our competitiveness in the market and expect to sustain the growth momentum in the coming quarters”. 

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