V-Guard net profit declines 41.14% to Rs 52.7 cr in March quarter

Electrical goods maker V-Guard Industries Ltd on Tuesday reported a 41.14 per cent drop in consolidated net profit to Rs 52.72 crore for the fourth quarter ended March 2023.

V-Guard Industries said in a regulatory filing that it posted a net profit of Rs. 89.57 crore in the January-March last financial period.

However, its revenue from operations increased by 7.64% to Rs. 1,140.14 crore during the period under review. It was Rs 1,059.16 crore in the corresponding period last year.

“PAT in the base period was higher due to tax backtracking due to immigration to the new tax regime,” V-Guard said in its earnings release.

V-Guard’s total expenses increased by 11.31 per cent to Rs. 1,070.70 crore in the fourth quarter of FY23.

“South markets experienced a 3.3 percent annual decline, while non-South markets experienced 9.7 percent annual growth in the fourth quarter of FY23,” said V-Guard.

Its non-Southern markets contributed 45.7 percent of total revenue in the fourth quarter of FY23 compared to 42.6 percent in the fourth quarter of FY22.

The total income of the Kerala-based company increased by 7.62% to Rs.1,142.77 crore.

For the financial year ending March 2023, V-Guard’s net profit decreased by 17.24 per cent to Rs.189.04 crore from Rs.228.43 crore in FY22.

Its consolidated revenue from operations increased by 17.88% to Rs.4,126.04 crore in FY23.

“Electronics and consumer durables have recorded strong growth in our segments. We are making sustained progress towards achieving range in key durable categories,” said Mithun Chittilappilly MD Mithun Chittilappilly of V-Guard Industries.

Its Board of Directors has recommended a final dividend of Rs 1.3 per share of par value of Re 1 for the financial year 2022-23.

Shares of V-Guard Industries Ltd settled on Tuesday at Rs 249.75 on BSE, up 0.24 per cent from the previous close.

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