V-Guard Industries Limited posted a net profit of Rs 25.47 crore in 2009-10, up 46.8 per cent, as against Rs 17.35 crore in the previous fiscal.
Turnover stood at Rs 454.09 crore (Rs 316.78 crore), registering a growth of 43.35 per cent.
The company has offered a dividend of 30 per cent (Rs 3 per equity share) for FY 2009-10. Mithun K Chittilappilly, executive director of V-Guard, said the increase in the net turnover could be attributed to better penetration in north Indian markets and also to spreading to Tier-II and III cities of the south.
He added that the company had utilised 95 per cent of the IPO proceeds for commissioning various projects mentioned in the offer document. The remaining two projects, distribution centres in Hubli and Vijayawada, would be completed by the end of the current fiscal.
