V-Guard Industries Q2 PAT rises to Rs 17.97 cr

KOCHI: The profit after tax of V-Guard Industries Limited for the second quarter of the fiscal 2012-13 increased to Rs 17.97 crore, which is 163% up over the profit after tax of Rs 6.84 crore achieved during the corresponding quarter of previous year.

The net turnover of the company for the quarter under review was Rs 313.41 crore showing an increase of 48% over same period of the previous year. Mithun Chittilappilly, managing director of the company said that the sales of products like digital UPS, single and three phase pumps, wires and LT cables grew well.

He said that growth in profit is due to better volume growth and tight cost control measures adopted by the company. Meanwhile, the chairman of Board P G R Prasad has resigned and the Board re-designated Mr. Kochouseph Chittilappilly, as the chairman of the company.

Mithun Chittilappilly, managing director, said that considering the demand for solar water heater, it has been decided to expand manufacturing capacity for this product. The new Perundurai solar water heater plant will have a capacity of close to 90,000 units per annum making it one of the largest integrated facilities in India.