Proposes 80 pc dividend; plans to issue debenture
KOCHI: V-Guard, India’s leading electronics and electrical appliances company, has reported net profit of Rs167.23 crore for the year ending March 31, 2019 compared with Rs134.26 crore the company posted for the same period last year, representing 25 per cent year on year growth.
The board has recommended a final cash dividend of 80 paise (80 per cent) per equity share of Re one each for the financial year 2018-19. The dividend if approved by the members at the ensuing AGM shall be disbursed to the eligible shareholders on or before August 20, 2019.
Mithun K Chittilappilly (seen in the picture), managing director, V-Guard Industries Ltd, said the financial year 2019 was a challenging year due to commodity and currency volatility.
A company statement said the board has approved a proposal to raise funds by way of issue of secured or unsecured redeemable non-convertible debentures, in one or more tranches through private placement, within the existing approved limit of borrowings of Rs750 crore.
The fourth quarter (Q4) performance was one of the best in the company’s history as it reported 115 per cent jump in net profit year on year – from Rs27.58 crore to Rs59.24 crore.
The consolidated net revenue of the company from operations for the year was Rs2,594.44 crore which represents an increase of 11 per cent compared with Rs2335.26 crore, the company reported for the previous year.
“During the fourth quarter, we were able to effect some pricing actions to bring margins back on track. We continue to make steady progress in the non-South markets. Our emerging categories have done well. We continue to invest towards enhancing organisational capabilities and improving our competitiveness in the market,” Chittilappilly said.