V-Guard Industries Ltd has registered a 67 per cent growth in its first quarter net profit at Rs 20.65 crore.
Turnover stood at was Rs 329 crore, up 37 per cent from Rs 240 crore recorded in the corresponding quarter previous year.
Mithun K. Chittilappilly, Managing Director, said that the growth has been driven by surge in sales of all product verticals owing to better-than-expected summer season.
The margin improvement is due to better volume growth and tight cost-control measures adopted by the company.
He said that expansion work on doubling the capacity of Kashipur House Wiring Plant with an investment of Rs 18 crore has been commenced.
The company will set up large warehouse facilities at Perundurai and Hyderabad to augment its supply chain facilities in the respective regions.
V-Guard had also successfully launched domestic switch gears and induction cook tops in Kerala, he said, adding that the new products will be launched in other states in a phased manner.