Visaka Industries has posted a lower profit of ₹23.07 crore during the first quarter ended June 30, against a profit of ₹30.33 crore in the corresponding quarter of the previous fiscal. The company logged total income of ₹354.31 crore (₹352.59 crore).
Vamsi Gaddam, Joint Managing Director, Visaka Industries, said, “Our expansion plans are on track with the ₹100-crore Vnext board plant that will be commissioned in Tamil Nadu increasing our capacity to 2,20,000 mt.”
Work on the fourth Vnext boards plant near Coimbatore has commenced and is expected to go on stream by FY2021.
The company reduced its debt by ₹73 crore sequentially from March and by ₹10 crore over June last year in spite of a capex of ₹50 crore in FY2019.
The company said its innovative rooftop solar product Atum has received a lot of enquiries and orders are likely to flow in the subsequent quarters and is expected to contribute to growth.