V-Guard Q2 net profit dips 26.5 pc to Rs 43.6 cr; revenue up 8.7 pc to Rs 986 cr

Electrical goods manufacturer on Thursday reported a 26.5 per cent decline in its consolidated net profit at Rs 43.66 crore for the second quarter ended September 30. It had posted a net profit of Rs 59.40 crore in the July-September period of last fiscal, said in a regulatory filing.

However, its revenue from operations was up 8.67 per cent to Rs 986.14 crore during the period under review. It was at Rs 907.40 crore in the corresponding period a year ago.

V-Guard’s total expenses were up 12.51 per cent at Rs 93,026 crore in the second quarter of FY23.

“Margins for the quarter were impacted by sale of higher cost Wires inventory at relatively lower realizations due to fall in copper prices. Even in the other categories, input costs remain significantly higher than long-term averages, despite some reduction seen in the last few months,”

Industries Managing Director Mithun K Chittilappilly said.

The company’s revenue from the electronics segment was up 8.70 per cent at Rs 227.36 crore in Q2, while revenue from the electrical segment was marginally up to Rs 421.60 crore.

Its revenue from the consumer durables segment was up 20.66 per cent to Rs 337.17 crore, as against Rs 279.42 crore of Q2 of FY22.

Over the outlook, Chittilappilly said: “We should see margins returning to pre-COVID levels over the next two quarters.”

Shares of V-Guard Industries Ltd on Thursday settled at Rs 253.90 on BSE, down 1.87 per cent from the previous close.

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