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New Delhi, Jul 27 (PTI) Electrical appliances manufacturer V-Guard Industries Ltd on Wednesday reported an increase in consolidated net profit to Rs 53.36 crore in the June quarter.

It had posted a net profit of Rs 25.54 crore in the April-June period last fiscal, V-Guard Industries said in a regulatory filing.

The company's revenue from operations was up 80.17 per cent to Rs 1,018.29 crore during the period under review.

The total expenses were up 78.74 per cent at Rs 951.74 crore in the first quarter of FY23.

Its revenue from the electronics segment was at Rs 303.38 crore and Rs 415.85 crore from the electrical segment.

The company's revenue from the consumer durables segment was at Rs 299.05 crore during the June quarter.

V-Guard Industries Managing Director Mithun K Chittilappilly said the business has delivered a robust performance during the quarter and topline growth has been strong across all segments.

"The significant drop in copper prices during June affected wires margins and this impact is likely to extend to some part of Q2. Costs of other key commodities have seen some reduction from their peaks, although they are stiff higher than long-term averages," he said.

This has obviated the need for further prices increase, especially in Consumer Durables, and we expect gross margins to recover to their normative levels in over the next 1-2 quarters, Chittilappilly added.

In a separate filing, the Kochi-based company said its board, in a meeting held, on Wednesday approved the acquisition of a balance 26 per cent in its subsidiary Guts Electro-Mech Ltd, using the call option.

Guts Electro-Mech is engaged in the manufacturing of MCB & RCCB switches.

On Wednesday, shares of V-Guard Industries Ltd dropped 2.63 per cent to settled at Rs 224.10 on BSE. PTI KRH SHW

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