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V-Guard Industries Ltd has registered a 24 per cent increase in its net profit at Rs 62.92 crore for fiscal 2012-13. Net profit for the fourth quarter was Rs 8.94 crore, down by 53 per cent.
For the financial year FY’13, the revenues touched Rs 1,360.21 crore, an increase of 41 per cent over 2011-12. Revenues for the fourth quarter stood at Rs 378.72 crore, an increase of 39 per cent.
The board of directors has recommended a final dividend of 35 per cent (face value of Rs 10 per share) for fiscal 2013.
The company attributed unfavourable market conditions, some non-recurring items and higher advertisement and promotion cost as reasons for lower net profit in Q4.
During 2012-13, V-Guard introduced new products, including induction cook top, digital home UPS, pumps, stabilisers and house wiring cables. All these contributed to 76 per cent of its total revenue.
The company has made an investment of Rs 28.26 crore for various expansion plans which included a solar water heater plant in Perundurai, expansion of cable factory at Kashipur, construction of warehouse at Angamaly, IT infrastructure, and Oracle CRM package, for improving the customer service and plant machineries.
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