V-Guard’s Profit After Tax (consolidated) for Q3 2019-20 increases by 30%
Chennai, January 31, 2020:
V-Guard Industries Limited, India’s leading consumer electrical and electronics company, announced the unaudited financial results for the quarter ended December 31, 2019.
Q3 FY 20 highlights:
· Consolidated Net Revenue from operations for the quarter ended December 31, 2019 was Rs. 631.89 crores; an increase of 5% over previous year (Rs.601.31 crores).
· Consolidated Profit Before Tax for the quarter ended December 31, 2019 was Rs.58.46 crores; Increase of 32.6% over the previous year (Rs.44.10 crores).
· Consolidated Profit After Tax for the quarter ended December 31, 2019 was Rs.44.24 crores; Increase of 29.7% over the previous year (Rs.34.10 crores).
· Subdued demand conditions impacted top-line growth the quarter. The Consumer Durables segment grew well, but other segments were impacted more by the overall slowdown.
· Non-South markets contributed 38% of turnover for the quarter, up from 37% in the corresponding quarter of the previous year.
· Gross margins improved across all segments. Low volatility in commodity prices, combined with cost effectiveness measures pricing actions early in the year helped improve margins.
Commenting on the company’s performance, Mr. Mithun. K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “Slowness in consumer demand continued during Q3 FY 20, which impacted our overall top-line growth. Under these circumstances, we are making good progress in the non-South markets and new categories. Margin and working capital management remained robust. We are hopeful that we will be able to get back to higher growths in the coming quarters, once the macroeconomic conditions improve”