BBN Bureau
KOCHI/July 27-2022: V-Guard Industries, the leading consumer electricals & electronics company, has reported a consolidated net profit of Rs53.37 crore for the first quarter (Q1) of 2022-23 (FY23), representing a 109 growth over the same period last year when the company reported a profit after tax (PAT) of Rs25.54 crore.
But the PAT for Q1 was sequentially lower compared with that of the last quarter of FY22 when the company earned a net profit of Rs89.58 crore.
The first quarter in the last year was impacted by the second wave of COVID -19 pandemic, and this had affected the revenue and profitability during that quarter.
Revenue
The consolidated net revenue from operations for the quarter ended June 30, 2022 was Rs1,018.29 crore, a growth of 80 per cent over a low base of revenue recorded in the corresponding period of the previous year at Rs565.18 crore.
Mithun K Chittilappilly, Managing Director, V-Guard Industries, said the business has staged a robust performance during the quarter.
He said the top line growth has been strong across all segments, adding that the significant drop in copper prices during June affected wires margins and this impact is likely to extend to some part of Q2 also.
“We expect gross margins to recover to their normative levels in the next 1-2 quarters,” Chittilappilly said.
