V-Guard Q3 Profit Up 3.4% to Rs 60.2 cr - Business News

New Delhi, Jan 28 (PTI) Electrical goods manufacturer V-Guard Industries Ltd on Tuesday reported a 3.4 per cent increase in consolidated net profit to Rs 60.22 crore in the December quarter.

It posted a net profit of Rs 58.24 crore in the October-December period last fiscal, according to a regulatory filing.

V-Guard's revenue from operations grew 8.86 per cent to Rs 1,274.08 crore during the period under review. It was Rs 1,165.39 crore in the corresponding period a year ago.

During the quarter under review, total expenses were up 9.43 per cent to Rs 1,195.34 crore.

Total income, which includes other incomes, rose 9 per cent to Rs 1,274.08 crore in the December quarter.

Its Managing Director Mithun K Chittilappilly said the topline in the December quarter climbed 8.9 per cent Year-on-Year (YoY) with a strong performance by the electronics segment.

"Demand for wires was impacted by commodity fluctuations, thereby impacting overall growth for the electricals segment. Non-south regions continue to perform well with topline growing 16 per cent for the quarter," he said.

Moreover, higher A&P spending during the quarter, especially on its Sunflame business, had some impact on the bottom line of the company.

"Margins remain healthy and we look forward to the upcoming summer season with the expectation to deliver robust performance," it said.

Meanwhile, in a separate filing, the company said its Chairman Emeritus K Chittilappilly has expressed his desire to step down from the position. He will continue as Chairman Emeritus till March 31, 2025.

Shares of V-Guard Industries Ltd settled 4.14 per cent lower at Rs 350.55 apiece on the BSE.