The Board of Directors of V-Guard Industries Limited, an electronic and electrical major today, considered and adopted the unaudited financial results of the Company for the quarter ended on 30th September, 2012.
The profit after tax for the second quarter of the fiscal year 2012-13 increased to Rs17.97 crores, which is 163% of the profit after tax of Rs6.84 crores achieved during the corresponding quarter of the previous year. The net turnover of the Company for the quarter under review was Rs313.41 crores, showing an increase of 48% from the net turnover of Rs211.43crores achieved during the corresponding quarter of the previous year.
Mithun K. Chittilappilly, Managing Director of the Company said that the remarkable growth was seen in the sales of products like Digital UPS, single and three phase pumps, wires and LT Cables. He said that the upsurge in profit is due to better volume growth and tight cost control measures adopted by the Company.
The Board of V-Guard Industries Ltd. informed that Mr. P. G. R. Prasad, Chairman of Board has resigned from the position and the Board has re-designated Mr. Kochouseph Chittilappilly, as the Chairman of the Company. The Board has also appointed Mr. Cherian N. Punnoose, Chartered Accountant, as an independent Director of the Company and he has also been appointed as the Vice-Chairman of the Board. Mr. Cherian N. Punnoose had served as an Advisor of Finance and Director of Kochi Refineries Ltd. - a subsidiary of Bharat Petroleum Corp. Ltd and also as a Director of Petronet CCK Ltd.
Mithun K. Chittilappilly, Managing Director, said that considering the demand for Solar Water Heater, it has been decided to expand the manufacturing capacity for this product. The new Perundurai solar water heater plant will have a capacity of close to 90,000 units per annum making it one of the largest integrated facilities in India. He said that the Company will be launching induction cooktops in the State of Karnataka, in the second half of the current financial year