Electrical goods manufacturer V-Guard Industries Ltd on Tuesday reported an increase of 35.02 per cent in its consolidated net profit to Rs 58.95 crore in the second quarter ended September 2023.

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It had posted a net profit of Rs 43.66 crore in the July-September period last fiscal, according to a regulatory filing by V-Guard Industries.

Its revenue from operations rose 14.92 per cent to Rs 1,133.75 crore during the period under review. It was Rs 986.55 crore in the corresponding period a year ago.

Total expenses of V-Guard stood at Rs 1,070.38 crore in the September quarter, up 15.06 per cent year on year.

Its revenue from electronics was at Rs 255.09 crore and Rs 462.28 crore from Electricals.

Consumer Durables contributed Rs 354.66 crore during July-September.

V-Guard's total income in the September quarter was at Rs 1,147.91 crore, up 16 per cent.

V-Guard Industries Managing Director Mithun K Chittilappilly said: "The second quarter witnessed subdued consumer demand especially in discretionary categories like consumer durables, thereby impacting topline growth. Gross margins improved further during the quarter and are now moving closer to pre-Covid levels." The company continues to invest in capacity enhancement and capability for the long term.

"Cash generation remained strong with further reduction in working capital. Consumer response for some of our recent product launches has been positive and we expect a strong topline growth in the second half of the year," he said.

Shares of V-Guard Industries Ltd on Tuesday settled at Rs 299.80 on BSE, down 0.99 per cent from the previous close.