V-Guard hits record high on healthy Q1 performance

The stock rallied 6% to Rs 771 on reporting 26% yoy jump in net profit at Rs 22 crore, on back of higher revenues and better product mix.

V-Guard Industries has rallied 6% to Rs 771 on National Stock Exchange after reporting a healthy 26% year-on-year increase in net profit at Rs 22.25 crore or the quarter ended June 2014, on back of higher revenues and better product mix. The consumer electrical and electronics firm had profit of Rs 17.64 crore in the corresponding period last fiscal.

The company’s net revenues grew by 17% to Rs 478 crore during the quarter under review against Rs 408 crore in a year-ago quarter.

Operating or EBITDA profit increased by 31% to Rs 40 crore and margins improved by nearly 100 basis points to 8.46% from 7.58%.

The stock opened at Rs 730 and touched a record high of Rs 802 on NSE. A combined 203,000 shares changed hands on the counter so far on NSE and BSE.