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Consumer electricals and electronics major V-Guard Industries Ltd posted a 109 per cent growth in consolidated profit after tax in Q1 of FY23 at ₹53.37 crore, against ₹25.54 crore in the corresponding quarter of the previous fiscal.
Consolidated net revenue from operations for the quarter ended June 30 was ₹1,018.29 crore, a growth of 80 per cent over a low base of revenue recorded in the corresponding period of the previous year (₹565.18 crore).
Mithun K Chittilappilly, Managing Director, V-Guard Industries Ltd, said: “The business has delivered a robust performance during the quarter. Topline growth has been strong across all segments. The significant drop in copper prices during June affected wires margins and this impact is likely to extend to some part of Q2. Costs of other key commodities have seen some reduction from their peaks, although they are still higher than long term averages. This has obviated the need for further price increases especially in consumer durables and we expect gross margins to recover to their normative levels in over the next 1-2 quarters”.
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