V Guard Industries Q3FY23 net profit dropped by 31 per cent

The consolidated profit after tax of V-Guard Industries Ltd was down at ₹39.29 crore in the third quarter of the current fiscal against ₹53.92 crore in the corresponding period of the previous fiscal. However, consolidated net revenue from operations registered a growth of 1.4 per cent at ₹980.84 crore (₹967.57 crore).

Consolidated net revenue from operations for the nine-month period of April-December was ₹2,985.90 crore, a growth of 22.3 per cent over ₹2,441.02 crore recorded in the same period last year. Consolidated PAT was at ₹136.32 crore (₹138.86 crore).

Mithun K. Chittilappilly, Managing Director, V-Guard Industries Ltd, said: “Turnover growth for Q3 was 1.4 per cent y-o-y due to a high base, while the CAGR for the past three years is at 15.8 per cent. The durables segment continues to grow well. We are making sustained progress in growing the business in the non-south markets. Our A&P spends have returned to normal levels after two years of lower spending during Covid. Margins are still lower than pre-Covid levels especially in durables, as were holding more than normal inventories at a higher cost. With inventory levels having come down, we should see margins reverting to pre-Covid levels in the next 1-2 quarters.”