Muted growth with the start of the third Covid wave in the country has hit V-Guard Industries’ profit-after-tax in Q3 of FY2021-22.
The consolidated PAT of the consumer electricals and electronics major for the quarter fell by 31 per cent at ₹53.92 crore, compared to ₹78.25 crore in the corresponding period the previous year.
However, the consolidated net revenue from operations for the quarter registered a 16 per cent growth at ₹967.38 crore, against ₹835.04 crore in the corresponding period.
A statement issued here said consumer durables and kitchen appliances grew well, while hyperinflation in input costs had some impact on gross margins.
Mithun K Chittilappilly, Managing Director, V-Guard Industries Ltd, said, “This quarter started with a good momentum; however, the growth muted towards the end of the quarter with start of third wave. The sharp increases in commodity prices have had some impact on gross margins. While we have taken pricing actions to offset a major part of the cost inflation, some more actions will follow in the ensuing months.”
The consolidated net revenue from operations for the nine months was ₹2,439.97 crore, a growth of 31 per cent. Consolidated PAT for the nine months was ₹138.86 crore, a growth of 4 per cent over the corresponding period the previous year (₹133.50 crore).