V-Guard’s Q1 FY 2021-22 Revenue grew by 38% Y-o-Y

KOCHI:
Leading electrical appliances maker V-Guard Industries on Friday reported 38% Y-o-Y growth in net revenue during the first Quarter of FY 2021-22. Consolidated Net Revenue from operations for the quarter ended June 30, 2021is Rs. 565.2 crore compared to the corresponding period of previous year (Rs. 408 Cr). Consolidated Profit After Tax for the quarter ended June 30, 2021 was Rs.25.5 Cr; a growth of 602% over corresponding period of previous year (Rs.3.6 Cr). Its gross margin improved by 3.8% during April-June quarter and Electrical and Durables segments performed well.

Commenting on the company’s performance, Mithun. K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “The second wave of Covid-19 was more severe and our stronger markets went through extended closures, impacting consumer demand. Our manufacturing units in Sikkim were also impacted due to lockdowns. In the context of demand constraints, our Electricals and Durables segments have performed well. Commodity cost inflation has been significant in the recent months. While we have been able to offset a major part of it, some more pricing actions are being planned. We expect the business to bounce back strongly in the coming quarters”.