V-Guard's net profit doubles to Rs 68.38 crore in March quarter

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Electrical appliances maker V-Guard Industries on Wednesday reported doubling of its consolidated net profit to Rs 68.38 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 32.23 crore in the January-March quarter of the previous financial year, V-Guard Industries said in a regulatory filing.

Its revenue from operations during January-March 2021 jumped 58.04 per cent to Rs 855.19 crore, compared with Rs 541.13 crore in the year-ago period. V-Guard Industries Managing Director Mithun K Chittilappilly said, "The business performance has been strong in the fourth quarter, continuing on the growth momentum witnessed in the third quarter. We have been able to achieve a broad-based growth across all our segments, including emerging ones."

COVID-19 second wave: V-Guard Industries sees significant impact on consumer demand in Q1

The firm's total expenses stood at Rs 759.36 crore, a jump of 50.7 per cent as against Rs 503.90 crore a year ago. For the full financial year 2020-21, V-Guard reported a net profit Rs 201.89 crore, growth of 7.24 per cent as compared with Rs 188.25 crore in 2019-20.

Its revenue from operations rose 8.72 per cent to Rs 2,721.23 crore in 2020-21. It was Rs 2,502.94 crore in 2019-20. Meanwhile, the Kochi-based company said its board in a meeting held on Wednesday recommended a final dividend of 120 per cent, which is Rs 1.20 per equity share of Re 1 each for the financial year 2020-21.

On the outlook, Chittilappilly said the country has been hit by a more severe second wave of COVID-19 and as most parts of the country are under lockdown, there will be a significant impact on consumer demand during the current quarter. "We are confident that our business will come back strongly once the lockdowns are lifted," he said.

Shares of V-Guard Industries Ltd on Wednesday settled at Rs 249.90 on the BSE, up 4.45 per cent as compared with the previous close.