V-Guard`s Q1 FY 2023-24 Revenue grows by 19.3%; Profit after tax grows 20.3%
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V-Guard Industries Ltd., a leading Consumer Electricals and Electronics Company announced its unaudited financial results for the quarter ended June 30, 2023.
Q1 FY 2023-24 highlights:
* Consolidated Net Revenue from operations for the quarter ended June 30, 2023 is Rs. 1214.76 crs; a growth of 19.3% over the revenue recorded in the corresponding period of the previous year (Rs. 1018.29 crs).
* Consolidated Profit After Tax for the quarter is Rs. 64.22 crs, a growth of 20.3% as against Rs. 53.37 crs recorded in corresponding period of the previous year.
Business Outlook:
Commenting on the company’s performance, Mr. Mithun. K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “The business has delivered a strong topline growth in Q1. The growth has been broad-based across all three segments. While North region was somewhat impacted by unfavourable weather conditions, the other regions returned a strong performance. Impact of softening in commodity prices has started reflecting in gross margins with gradual improvement over last few quarters. We expect further improvement to reflect in coming quarters. Inventory levels have come back to normal and this has helped generate a strong cash flow. We look forward to the upcoming festive season and are hopeful to sustain the growth momentum during the quarters ahead.”
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