V-Guard Industries Ltd has registered 163 per cent growth in profit after tax in Q2 at Rs 17.97 crore against Rs 6.84 crore achieved in the corresponding period.
The net turnover for the quarter was Rs 313.41 crore, an increase of 48 per cent against Rs 211.43 crore in the corresponding quarter of the previous year.
Mithun Chittilappilly, managing director, said that the remarkable growth was seen in the sales of products such as digital UPS, single and three phase pumps, wires and LT Cables. He said that growth in profit is due to better volume growth and tight cost control measures adopted by the company.
Mithun said that considering the demand for solar water heater, it has been decided to expand manufacturing capacity for this product. The new Perundurai solar water heater plant will have a capacity of close to 90,000 units per annum making it one of the largest integrated facilities in India.
He said that the company would launch induction cook tops in Karnataka in the second half of the current financial year.
The board of V-Guard Industries has announced that P.G.R. Prasad, chairman of the board, has resigned. The board has redesignated Kochouseph Chittilappilly as chairman.
The board has also appointed Cherian N. Punnoose, chartered accountant as an independent director and vice-chairman of the board.