V-Guard Q2 Profit Up 17.7% to Rs 69.4 Cr

New Delhi, Oct 29 (PTI) Electrical goods manufacturer V-Guard Industries Ltd on Tuesday reported a 17.7 per cent rise in consolidated net profit to Rs 69.39 crore in the September quarter.

It posted a net profit of Rs 58.95 crore in the July-September period last fiscal, according to a regulatory filing.

The company's revenue from operations rose 14.13 per cent to Rs 1,293.99 crore during the period under review. It was Rs 1,133.75 crore in the corresponding period a year ago.

Total expenses of V-Guard in the September quarter were up 13.36 per cent to Rs 1,213.42 crore.

Its total income, which includes other incomes, was up 13.07 per cent at Rs 1,298.04 crore in the September quarter.

Its Managing Director Mithun K Chittilappilly said the business has delivered healthy topline growth during the quarter led by the electronics segment.

"Gross margins continue to improve aided by a higher share of in-house manufacturing, cost-saving initiatives and gradual shift towards a premium portfolio. Margins for wires, which is the largest category in the electricals segment, was impacted during the quarter due to volatile copper prices," he said.

The company expects to continue the momentum and deliver a strong performance in the second half of the fiscal, he added.

Shares of V-Guard Industries Ltd settled 3.44 per cent higher at Rs 427.90 on the BSE.