Companies

V-Guard Industries Q3 net down 5%

Our Bureau Bengaluru | Updated on January 31, 2019 Published on January 31, 2019

Mithun Chittilappilly, Managing Director, V-Guard Industries

Electric appliances maker V-Guard Industries reported net revenue from operations of ₹594.27 crore for the quarter ended December 31, 2018, compared with ₹529.68 crore in the same period the previous year, marking a growth of 12 per cent.

Profit after tax (PAT) for the quarter under review stood at ₹33.70 crore. This is lower by 5 per cent compared to the ₹35.44 crore registered in the same period of the previous year.

Speaking to BusinessLine, Mithun K Chittilappilly, Managing Director, V-Guard Industries, said, “During the quarter, we faced adverse conditions in the commodities market. One of our key products – wires and cables – did not grow as we expected. Fluctuations in currency rates and crude oil prices also affected us. Kerala being our major market, post floods, the demand was not to our expectations.”

Chittilappilly expects the fourth quarter (January-March 2019) to be better. “Going forward, we expect better margins in Q4. It is an important quarter as demand rises for many of our products.”

Growth during the third quarter was driven by stabilizers, digital UPS, water heaters and fans, said the company.

Published on January 31, 2019
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