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PRESS RELEASES

October


22


2013

October 22/2013

V-Guard's net revenue from operations increases by 6.56% in Q2 of Financial Year 2013-14


Consumer electrical and electronics company V-Guard, announced its results for the second quarter ended September 30, 2013 of FY 13-14.

Highlights:

  • Net Revenue from operations for the Second Quarter, ending September 30, 2013-14 fiscal, were Rs. 334.04 crores; an increase of 6.56% over corresponding period of the last financial year (Rs. 313.47 crores).

  • Profit After Tax for the Quarter, ending September 30, 2013-14 fiscal, was Rs. 14.48 crores; showing a decrease of 19.41% over corresponding period of the last financial year (Rs. 17.97 crores).

  • Net Revenue from operations for the first six months, ending September 30, 2013-14 fiscal, were Rs. 742.20 crores; an increase of 17.35% over corresponding period of last financial year (Rs. 632.46 crores).

  • Profit After Tax for the first six months, ending September 30, 2013-14 fiscal, was Rs. 32.13 crores; showing a decrease of 16.82% over corresponding period of the last financial year (Rs.38.63 crores).

  • Wires, Electric Water Heater and Solar Water Heater product segments performed well.

Business Outlook:

Commenting on the company’s performance, Mr. Mithun K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “The company achieved 6.56% growth in the net revenue from operations during the second Quarter of FY 13-14.The overall slowdown in Indian economy has affected the consumer durable industry to a considerable extent. Sales from south markets have not been encouraging as expected. Frequent shut down of markets due to Telangana issues has affected the sales from non-Hyderabad areas. He said that better power conditions across States and excess rain falls during monsoon has affected the sales of DU and Pumps to a considerable extent.

Key developments:

  • Commissioned “Solar Water Heater” manufacturing facility at Perundurai, Tamil Nadu, the largest such factory by any company in India.

  • Launched new range of water heaters – Pebble – in two variants (Pebble & Pebble Metallica).

  • Launched Mixer Grinder in Kerala Market during the quarter under review.

  • Switch gears and induction cook tops, the New products already launched has been well received in Kerala market.