India's V-Guard reports fall in Q4 profit hurt by loss in consumer durables

V Guard Industries

30/05/2023 10:50

BENGALURU, May 30 (Reuters) - Indian electronic products
manufacturer V-Guard Industries Ltd  VGUA.NS  reported a 41%
fall in its fourth-quarter profit on Tuesday, dragged by a loss
in the consumer durables segment.
    The Kochi, Kerala-based company's consolidated net profit
fell to 527.3 million rupees ($6.37 million) in the quarter
ended March 31, from 897 million rupees a year ago.
    The company's revenue from operations rose more than 7% to
11.4 billion rupees, as revenue from its new Sunflame segment
offset muted growth in other segments.
    Pre-tax profit from its consumer durables segment swung to a
loss of 11.3 million rupees from 49.5 million rupees profit a
year ago. Revenue from the segment declined 3.36% to 2.86
billion rupees.
    Pre-tax profit from its electronics segment fell almost 25%,
while its electricals segment fell almost 14% in the quarter.
    V-Guard announced the acquisition of kitchen
appliances-maker, Sunflame Enterprises Pvt. Ltd. last December
for 6.6 billion rupees. Subsequently, the company reported a
pre-tax profit from the segment at nearly 80 million rupees.
    Total expenses increased 11.3% to 10.71 billion rupees.
    Earlier in the month bigger rival, Havells India Ltd
 HVEL.NS  posted a surge in its Q4 profit, backed by strong air
conditioner sales.
    Separately, the V-Guard recommended a final dividend of 1.3
rupees per share.
    The company's shares fell 3.14% after the results were
announced. 
    
    


($1 = 82.7318 Indian rupees)