V-Guard registers net sales rise of 17.98 %

M/s V-Guard Industries Limited, one of the leading manufacturers of electronic and electrical equipments, has registered a rise in the net sales by 17.98 % to Rs 7928.85 lakh as against Rs 6720.47 lakh for the corresponding quarter in the last fiscal.

The company’s board of directors met at Cochin on July 26, 2008 and adopted the unaudited financial results for the quarter ended June 30, 2008.

The Net Profit of the Company has grown by 11.95% during the first three months of the current fiscal to Rs 570.20 lakh. The profit after tax for the corresponding period in the last fiscal was Rs 509.35 lakh.

The profit before tax for the period is Rs.855.84 lakhs as against 783.35 lakhs for the corresponding period in the previous year. The earnings per share is Rs. 7.64 (annualized).

“The financial results have displayed the company is on the right track. The company has already embarked on expansion plans and its outcome will be evident in the coming quarters”, said Mr. Kochouseph Chittilappilly, Promoter and Managing Director of V-Guard Industries Ltd.

The Company, which is the largest manufacturer of voltage stabilizers in India, is on a rapid expansion phase by opening new branches in North India and by enhancing the production facilities in the other parts of the Country. Two of the projects funded through the IPO viz Pilot Production Center for Pump at Coimbatore and Distribution Center at Bangalore, have already been completed and started functioning during the first quarter of the current fiscal.

The new factories of the Company for manufacturing Building wire cable unit at Uttaranchal and L.T Power control cable manufacturing unit at Coimbatore are fast progressing. According to Mr. Kochouseph Chittilappilly, Promoter and Managing Director, both these factories are expected to commence commercial production during the third quarter of the current financial year.

The Other projects, Pilot Production Center for Water Heaters and Fans at Himachal Pradesh, Distribution Centere at Hubli and Vijayawada are also expected to complete by the end of this year.