V-Guard Industries Ltd Revenue up by 15%

KOCHI:
India’s leading consumer electrical and electronics company, V-Guard Industries Ltd., announced its results for the first quarter ended June 30, 2016 of FY 16-17.
Net Revenue from operations for the First Quarter, ending June 30, 2016-17 fiscal, was Rs. 572.68 crores; an increase of 15% over corresponding period of last financial year (Rs 499.28 crores). Profit After Tax for the Quarter, ending June 30, 2016-17 fiscal, was Rs. 42.78 crores; showing an increase of 70% over corresponding period of last financial year (Rs. 25.16 crores)
Owing to better market conditions, products like Stabilizers, Pumps and Fan done extremely well during the quarter under review. The company’s supply chain transformation initiative delivered substantial cost savings resulting from improvements in planning and procurement processes and reduction in working capital.
Commenting on the company’s performance, Mithun. K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “The first quarter has been exceptionally well for the company. We have improved the topline growth when compared with the corresponding quarter of the previous year. This quarter witnessed the launch of our most ambitious product, the IOT-enabled Water Heater, the first of its kind by any company in India. We will continue to focus on strengthening and consolidating our position in the non-south market.
“We also plan to expand our product portfolio in the coming quarter by launching Gas Stoves. The business outlook remains positive and the consumer confidence is high. We expect to perform reasonably well in the coming quarter considering upcoming festive season.
The company has set up an in-house PVC compounding unit at Chavadi, Coimbatore, as part of backward integration and the unit is expected to commence commercial production by end of August, 2016.