V-Guard net profit declines 41.14% to Rs 52.7 cr in March quarter

Electrical goods manufacturer V-Guard Industries Ltd on Tuesday reported a 41.14 per cent decline in consolidated net profit to Rs 52.72 crore for the fourth quarter ended March 2023. It had posted a net profit of Rs 89.57 crore in the January-March period last fiscal, V-Guard Industries said in a regulatory filing. However, its revenue from operations rose 7.64 per cent to Rs 1,140.14 crore during the period under review. It was Rs 1,059.16 crore in the corresponding period a year ago. "The PAT in the base period was higher due to tax reversal on account of migration to the new tax regime," said V-Guard in its earning statement. V-Guard's total expenses increased 11.31 per cent to Rs 1,070.70 crore in the fourth quarter of FY23. "South markets witnessed a YoY decline of 3.3 per cent whereas Non-South markets witnessed YoY growth of 9.7 per cent in Q4 FY23," said V-Guard. Its Non-South markets contributed to 45.7 per cent of total revenues in Q4 FY23 compared to 42.6 per cent in

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