Looking to post growth of 15% in FY18 & FY19: V-Guard

In an interview to CNBC-TV18, Mithun Chittilappilly, MD of V-Guard Industries spoke about the results and his outlook for the company.

We launched a new range of water heaters this season, so compared to last year Q3, the advertisement spends were high, said Chittilappilly.

He further said that last year due to demonetisation we had cut advertisement spend in Q3. However, this year we have increased advertisement spend and it's higher by Rs 5 crore, so that's one of the reasons for the reduction in EBIT margins in durables.

Talking about business, he said the inverter business has also grown by 35 percent and we are on track to give a number close to that.

"We are continuing our journey with a growth of about 15 percent, so we do feel that in next few years also we will have 15 percent growth," he added.

Watch accompanying video for more details.