V-Guard Industries Q1 standalone net up 47.9% to Rs 34.39 Cr

: Consumer electrical and electronic appliances maker V-Guard Industries has clocked a 47.9 per cent rise in standalone net profits for the April-June 30 2018 quarter to Rs 34.39 crore.

The company had registered standalone net profits at Rs 23.24 crore during the quarter of the previous year.

For the year ending March 31, 2018 standalone net profits stood at Rs 133.08 crore.

Total income for the quarter ending June 30, 2018 on a standalone basis grew to Rs 638.11 crore from Rs 572.22 crore registered in the same period last year.

For the year ending March 31, 2018 standalone total income was at Rs 2,332.38 crore.

The growth was contributed from the digital UPS, fans, water heaters, wires and switchgear businesses.

Commenting on the financial results, company Managing Director Mithun K Chittilappilly said "a weak summer adversely impacted some of our categories, yet we are on track to achieve our growth".

"We are making good progress in building the strength of our brand, gaining scale in our non-traditional markets", he said.

The MD said the company passed on the full benefits of GST to customers following reduction of Goods and Services Tax on mixer grinders and storage water heaters.

Shares of V-Guard Industries ended at Rs 210.85 apiece, down by 1.61 per cent over the previous close in the BSE.