V-Guard’s Profit After Tax for Q2 2019-20 increasesby 54.4%
V-Guard’s Profit After Tax for Q2 2019-20 increases by 54.4%
Chennai, November 06, 2019:
V-Guard Industries Limited, India’s leading consumer electrical and electronics company, announced the unaudited financial results for the quarter ended September 30, 2019.
Q2 FY 20 highlights:
- Consolidated Net Revenue from operations for the quarter ended September 30, 2019 was Rs. 623.27 crores; an increase of 3.1% over previous year (Rs.604.50 crores).
- Consolidated Profit Before Taxfor the quarter ended September 30, 2019 was Rs.78.48 crores; Increase of 62.6% over the previous year (Rs.48.27 crores).
- Consolidated Profit After Taxfor the quarter ended September 30, 2019 was Rs.58.75 crores; Increase of 54.4% over the previous year (Rs.38.04 crores).
- During the quarter, Stabilizer and electrical segment registered growth. Overall, subdued consumer demand impacted top-line growth.
- Non-South markets contributed 37% of turnover for the quarter, up from 35.7% in the corresponding quarter of the previous year.
- Results for the quarter include a writeback of Rs.10.12 crores of ESOP provisions no longer required.
Commenting on the company’s performance, Mr. 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 margin. We are confident that the macroeconomic conditions will improve in the coming quarters. We continue to make good progress in growing our business in the non-South markets.”