The net profit of V Guard Industries Ltd has declined by 19.41 per cent in the second quarter of FY 13 at Rs 14.48 crore against Rs 17.97 crore in the corresponding period last fiscal.
The profit after tax for the first six months also decreased by 16.82 per cent at Rs 32.13 crore against Rs 38.63 crore over the corresponding period of the previous fiscal.
However, the net revenue from operations for the second quarter was Rs 334.04 crore, an increase of 6.56 per cent against Rs 313.47 crore. The net revenue for the fist six months ending September 30 stood at Rs 742.20 crore, an increase of 17.35 per cent against Rs 632.46 crore.
Mithun K.Chittilappilly, Managing Director of the company, said the overall slowdown in the economy had affected the consumer durable industry to a considerable extent. Sales from southern markets were also not as encouraging as expected. He said that improved power situation across States and excess rains dampened the sales of digital UPS and pumps to a considerable extent.
The company has commissioned a solar water heater manufacturing facility at Perundurai in Tamil Nadu and also launched new range of water heaters, mixer grinder etc.