V-Guard Industries, the electronic and electrical major, today said its net sales rose to Rs 168.21 crores in the first quarter ending june this year, showing an increase of 95.51 per cent from Rs 86.04 crores sales in the same period the previous year.
The profit before tax increased to rs 16.11 crores, which is 46.86 per cent up over the corresponding period of the previous year. The Company recorded a 60.58 per cent rise in the net profit at Rs 11.08 crores in quarter against rs 6.90 crores last year.
Company Executive Director, Mithun K Chittilappilly, said that the surge in the top line is mainly due to the strategy of foraying into the new markets which paid off well and contributed by 25 per cent to the total revenue, which was 5 per cent two years back. The sale of stabilizers, fans and inverters picked up well due to favourable market conditions.
Dr George Sleeba, Joint Managing Director said that the Company has utilized 95 per cent of the IPO proceeds for commissioning the various projects mentioned in the offer document and the remaining two projects --distribution centre in Hubli and Vijayawada will be completed by the end of the current fiscal.
