V-Guard's net revenue for Q2FY21 remained flat

India’s leading consumer electrical and electronics company, V-Guard Industries Ltd., announced its unaudited financial results for the quarter ended September 30, 2020.

Oct 29, 2020 09:10 IST India Infoline News Service

India’s leading consumer electrical and electronics company, V-Guard Industries Ltd., announced its unaudited financial results for the quarter ended September 30, 2020.

Highlights:
  • Consolidated Net Revenue from operations for the quarter ended September 30, 2020 was Rs623cr; revenues remained at the same level as that of corresponding period of previous year (Rs623.27cr)
  • Consolidated Profit After Tax for the quarter ended September 30, 2020 was Rs51.62cr; a decline of 12% over corresponding period of previous year (Rs58.75cr)
  • Q2 results for FY20 included a one-off write back of Rs10.12cr related to ESOP provisions. The corresponding amount in Q2FY21 is Rs2.6cr.

The company said that its cashflow from operations continues to be strong, arising from prudent working capital management. Pumps, Fans and Digital UPS categories performed well during the quarter. The company also launched Water Purifier, Breakfast Appliances and Kitchen Hobs & Chimneys during the period under review. The Company has comprehensive safety protocols to deal with the Covid pandemic. The plants and warehouses are operating with full compliance to such protocols, informed the company. Most of our people in office-based roles continue to work from home.

Commenting on the company’s performance, Mithun. K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “During the quarter, most of our markets were back to near normal levels, except Kerala which was impacted by the recent surge in Covid infections.We also had to contend with significant supply disruptions as our Sikkim manufacturing units and some key vendors suffered prolonged production stoppages due to Covid related reasons. 

During this quarter, we launched a range of new products in Water Purifier, breakfast appliances and Kitchen Hobs&Chimneys. With supply issues having been resolved and the onset of the festive season, we expect to get back on to the growth path during the coming quarter.”

V-Guard Industries Ltd was trading subdued at Rs169.85 per piece down by Rs0.45 or 0.26% from its previous closing of Rs170.30 per piece on the BSE, at 9:39 am.

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