Manufacturing electricals and home appliances in India, Kochi is the home of V-Guard Industries Ltd. Voltage stabilizers, electrical cable, electric pumps, electric motors, geysers, solar water heaters, electric fans, and UPSs are all produced by the company. Kochouseph Chittilappilly began it as a modest voltage stabilizer manufacturing facility in 1977.
Electrical goods manufacturer V-Guard Industries Ltd on Wednesday reported a 20.32 per cent increase in consolidated net profit to Rs 64.22 crore for the first quarter ended June 2023.
It had posted a net profit of Rs 53.37 crore in the April-June period last fiscal, according to a regulatory filing.
V-Guard’s revenue from operations rose 19.3 per cent to Rs 1,214.76 crore during the period under review. It was Rs 1,018.29 crore in the corresponding period a year ago.
Total expenses of V-Guard increased 19.84 per cent to Rs 1,140.64 crore in the first quarter of FY24.
In the June quarter, total income of V-Guard was Rs 1,226.55 crore, up 19.84 per cent.
“The business has delivered a strong topline growth in Q1. The growth has been broad based across all three segments,” the company’s Managing Director Mithun K Chittilappilly said.
While the north region was somewhat impacted by unfavourable weather conditions, the other regions returned a strong performance, he said.
“Impact of softening in commodity prices has started reflecting in gross margins with gradual improvement over last few quarters. We expect further improvement to reflect in coming quarters,” Chittilappilly said.
Inventory levels have come back to normal and this has helped generate a strong cash flow.
“We look forward to the upcoming festive season and are hopeful to sustain the growth momentum during the quarters ahead,” he added.
