India’s leading consumer electrical and electronics company, V-Guard Industries Ltd., announced its results for the second quarter that ended on September 30, 2016 of FY 16-17.
Net Revenue from operations for the Second Quarter, ending September 30, 2016-17 fiscal, was Rs. 493 crores; an increase of 14% over corresponding period of last quarter (Rs.431.00 crores)
Profit After Tax for the Quarter, ending September 30, 2016-17 fiscal, was Rs. 39 crores; showing an increase of 70% over corresponding period of last financial year (Rs. 23 )
Owing to better market conditions, products like Electric Water Heaters, Pumps, Fan and Digital UPS have done extremely well during the quarter under review. Onam season was positive with categories related to festive season doing well.
Reduction in cost of goods sold is due to reduced input cost and continued cost savings from supply chain initiatives.
Gas cooktops was launched in Kerala market during this Onam season.
Commenting on the company’s performance, Mr. Mithun. K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “After a wonderful start to the year with the first quarter results, we are extremely proud to have continued to do better through the second quarter. We have improved the topline growth when compared with the corresponding quarter of the previous year. We will be expanding to the north markets and expand our range in the Kitchen and home appliances range to cater to a wider audience.
“The business outlook remains positive and the consumer confidence is high. We expect to perform reasonably well in the water heater segment considering upcoming season”.