V-Guard’s Net Profit for Q1FY 2018-19 increases by 50%
India, August 1, 2018:
India’s leading consumer electrical and electronics company, V-Guard Industries Ltd., announced its results for the quarter ended June 30, 2018
- Net Revenue from operations for the quarter ended June 30, 2018 was Rs.634.89 crores; with a like to like growth of 19% (GST adjusted) over the corresponding quarter of the previous year
- Profit After Tax for the quarter ended June 30, 2018 was Rs. 34.40 crores; an increase of 50%. over corresponding period of previous year (Rs.22.92 crores).
- Growth driven by Digital UPS, Fans, Water Heaters, Wires and Switchgears
- Recent launches of kitchen appliances and Modular Switches have received good consumer response
- Commenting on the company’s performance, Mr. Mithun.K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “A weak summer adversely impacted some of our categories, yet we are on track to achieve our growth ambition. We are making good progress in building the strength of our brand, gaining scale in our non-traditional markets and in continuously expanding our product portfolio. We welcome the reduction in the GST rates from 28% to 18% on appliances such as Mixer/Grinder and Storage Water Heaters. We have passed on the full benefits of GST reduction to our customers. We believe that the rationalisation of rates and other steps taken under GST will stimulate consumer demand and formalisation of the economy.