V-Guard net profit declines 41.14% to Rs 52.7 cr in March quarter

Electrical goods manufacturer V-Guard Industries Ltd on Tuesday reported a 41.14 per cent decline in consolidated net profit to Rs 52.72 crore for the fourth quarter ended March 2023.

It had posted a net profit of Rs 89.57 crore in the January-March period last fiscal, V-Guard Industries said in a regulatory filing.

However, its revenue from operations rose 7.64 per cent to Rs 1,140.14 crore during the period under review. It was Rs 1,059.16 crore in the corresponding period a year ago.

"The PAT in the base period was higher due to tax reversal on account of migration to the new tax regime," said V-Guard in its earning statement.

V-Guard's total expenses increased 11.31 per cent to Rs 1,070.70 crore in the fourth quarter of FY23.

"South markets witnessed a YoY decline of 3.3 per cent whereas Non-South markets witnessed YoY growth of 9.7 per cent in Q4 FY23," said V-Guard.

Its Non-South markets contributed to 45.7 per cent of total revenues in Q4 FY23 compared to 42.6 per cent in Q4 FY22.

The total income of the Kerala-based company rose 7.62 per cent to Rs 1,142.77 crore.

For the fiscal ended March 2023, V-Guard's net profit fell 17.24 per cent to Rs 189.04 crore from Rs 228.43 crore in FY22.

Its consolidated revenue from operations was up 17.88 per cent at Rs 4,126.04 crore in FY23.

V-Guard Industries MD Mithun Chittilappilly said: "Within our segments, the Electronics and Consumer Durables registered strong topline growth. We are making sustained progress towards achieving scale in key Durable categories".

Its board of Directors recommended a final dividend of Rs 1.3 per share of a face value of Re 1 each for the financial year 2022-23.

Shares of V-Guard Industries Ltd on Tuesday settled at Rs 249.75 on BSE, up 0.24 per cent from the previous close.