V-Guard declared its result for the Q2FY17 and reported a robust 70% year on year (YoY) hop in net profit at Rs 39 crore for the quarter ended September 2016. The jump was on back of strong operational performance. V Guard share price hits the new lifetime high of Rs 198.60, up 7% on NSE in intra-day.
The company occupied in consumer electrical and electronics business had reported a profit of Rs 23 crore in the year-ago quarter. Net revenue from operations went up 14% Year on Year to Rs 493 crore.
Owing to improved market conditions, products like electric water heaters, pumps, fan and digital UPS have done tremendously well during the quarter under review. The cutback in the cost of goods sold is due to the decreased input cost and continued cost savings from supply chain initiatives.
At 11: 37 AM V Guard share price is trading at Rs. 193.80 with the rise of 5% against 0.05% rise in the Benchmark Index Nifty. So far a total of 12.30 lakhs shares had changed hands over the NSE counter.
EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization margin enhanced to 10.8% from 8.4% in previous year quarter.
On outlook Mithun Chittilappilly, managing director, V-Guard Industries said that the business outlook remains positive and the consumer confidence is elevated. They expect to perform practically well in the water heater segment considering the upcoming season.
Thus far in 2016, V Guard share price has been more than doubled from Rs 95 at the beginning of the year, against 7.7% rise in the S&P BSE Sensex.
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