Latest News | V-Guard Industries' Net Profit Declines 31 Pc to Rs 53.9 Cr in Dec Quarter

New Delhi, Feb 2 (PTI) Consumer electronics maker V-Guard Industries on Wednesday reported a 31 per cent decline in consolidated net profit to Rs 53.92 crore for the third quarter ended December 31, 2021.

The company had posted a consolidated net profit of Rs 78.25 crore in the same quarter last fiscal, V-Guard Industries said in a statement.

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Its consolidated revenue from operations during October-December 2021 stood at Rs 967.38 crore, compared with Rs 835.04 crore in the year-ago period, it added.

While consumer durables and kitchen appliances grew well, hyperinflation in input costs has had some impact on gross margins, the company said.

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Commenting on the performance, V-Guard Industries Managing Director Mithun K Chittilappilly said, "This quarter started with good momentum. However, the growth muted towards the end of the quarter with the start of the third wave."

He further said the sharp increase in commodity prices has had some impact on gross margins. "While we have taken pricing actions to offset a major part of the cost inflation, some more actions will follow in the ensuing months." HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)