V-Guard’s Net Profit for FY 2019-20 grows by 12%

NATIONAL, India, June 1, 2020 (GNI): 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 the 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)

Business Outlook: 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, stated in the press release.