V-Guard Industries Ltd. disclosed its Q2 and H1 FY 2023-24 financial results on Tuesday, showing growth despite subdued consumer demand and a minor drop in share prices to Rs 301.50. The Q2 consolidated net revenue was Rs. 1133.75 crs, marking a 14.9% increase from Rs. 986.55 crs in Q2 FY22-23. This rise was supported by gross margins nearing pre-COVID levels and strategic investments in capacity enhancement.
The company's profit after tax for the quarter grew by 35% to Rs. 58.95 crs from Rs. 43.66 crs in Q2 FY22-23 due to strong cash generation and working capital reduction efforts. For H1 FY23-24, the revenue was Rs. 2348.51 crores, up by 17.1% from Rs. 2005.05 crs in H1 FY22-23.
The profit after tax for the first half of the fiscal year rose by 26.9% to Rs. 123.17 crs from Rs. 97 .03 crs of H1 FY22-23, despite impacts on discretionary categories.
On the same day, Ametek (NYSE:AME)'s Q3 results revealed a Non-GAAP EPS of $1.64, exceeding estimates by $0.06, but its revenue of $1.62B, reflecting a 5% Y/Y growth, fell short by $40M.
Looking ahead, the company anticipates a mid-to-high single digit sales rise in 2023 and has upwardly revised its adjusted diluted earnings per share guidance to $6.31-$6.33, marking an 11% jump from the prior range of $6.18-$6.26. Ametek's CEO, Mr. Zapico, also expects a mid-single digit surge in Q4 sales and adjusted earnings per share to be between $1.61 and $1.63.
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