V-Guard’s Net Profit for FY 2019-20 grows by 12%
India’s leading consumer electrical and electronics company, V-Guard Industries Ltd., announced its audited results for the quarter and year ended March 31, 2020.
Q4 FY 20 highlights:
· Consolidated Net Revenue from operations for the Quarter ended March 31, 2020 was Rs. 541.14 crores; a decline of 27.45% over corresponding period of previous year (Rs.745.78 crores)
· Consolidated Profit After Tax for the quarter ended March 31, 2020 was Rs. 32.23 crores; a decline of 47.45% over corresponding period of previous year (Rs.61.39 crores).
· The nation-wide lockdown to combat the CoVid-19 pandemic had a collateral impact in terms of revenue loss and the attendant profit impact.
· In view of interim dividend paid during the year under review, the Board has not recommended any final dividend.
FY 20 highlights:
· Consolidated Net Revenue from operations for the year ended March 31, 2020 was Rs.2,502.94 crores; a decline of 3.5% over previous year (Rs.2,594 crores)
· Consolidated Profit After Tax for the year ended March 31, 2020 was Rs.188.25 crores; Increase of 12 % over the previous year (Rs.168 crores)
Commenting on the company’s performance, Mr. Mithun. K. Chittilappilly, Managing Director, V-Guard Industries Ltd said “FY 20 has been a very challenging year. The macroeconomic slowdown during the first nine months presented a significant challenge, and this was compounded by the CoVid-19 pandemic in Q4. We expect the effect of the pandemic to last for a few months, during which consumer demand for discretionary items will remain subdued. However, the fundamentals of the business remain strong; we have significantly improved our gross margins and we continue to invest in innovation and business capabilities to achieve our long-term ambitions. We see the current challenges to be a temporary phenomenon and our balance sheet is strong enough to withstand these headwinds. We are confident that the business will bounce back strongly in the months to come”