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Indian electronic products manufacturer V-Guard Industries reported a better-than-expected profit on Thursday, benefiting from higher demand in its electrical and consumer durables segment.
Kochi, Kerala-based V-Guard's consolidated net profit rose to Rs 76.17 crore ($9.1 million) for the quarter ended March 31 from Rs 52.72 crore a year earlier.
Analysts, on average, expected profit of Rs 75.15 crore, according to LSEG data.
Cable and wire manufacturers have seen an uptick in demand, driven by growth in real estate and infrastructure sectors, with additional support from government spending aimed at boosting the economy.
Consumers also prepared for above-average summer temperatures, which propelled the sales of fans and air coolers, fuelling growth for appliance manufacturers such as V-Guard.
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V-Guard's revenue rose by 17.9% to Rs 1,343 crore, driven primarily by the company's core electrical segment, which rose 10.7%.
The segment accounted for about 43.3% of total revenue during the quarter.
The company's second-largest segment, consumer durables, posted a 27.9% jump in the quarter, benefiting from a seasonally strong demand quarter.
The segment sells fans, air coolers and kitchen appliances.
Last month, rival Havells India reported a higher quarterly profit on strong demand for room air conditioners and fans.
V-Guard shares settled up 2% after the results.
