V-Guard’s Q2 FY 2020-21 Revenue remained flat Y-o-Y

Kochi: 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 Rs. 623 crores; revenues remained at the same level as that of corresponding period of previous year (Rs.623.27 crores)
 
  Consolidated Profit After Tax for the quarter ended September 30, 2020 was Rs.51.62crores; a decline of 12% over corresponding period of previous year (Rs.58.75 crores)
 
  Q2 results for FY 20 included a one-off write back of Rs 10.12 Cr related to ESOP provisions. The corresponding amount in Q2 FY 21 is Rs 2.6 Cr. 
 
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. Our plants and warehouses are operating with full compliance to such protocols. Most of our people in office-based roles continue to work from home.
 
Commenting on the company’s performance, Mr. 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.”