Net sales of V-Guard rose to 168.21 crore in the first quarter ended June 30, 2010, a rise of 95.5 per cent from 86.04 crore in thye year-ago-period. It recorded a 60.6 per cent rise in net profit at 11.08 crore against 6.90 crore last year.
Company executive director Mithun K. Chittilappilly said the surge was due to the strategy of foraying into new markets. The sale of stabilisers, fans and inverters picked up well due to favourable market conditions.
Company joint managing director George Sleeba said the company had utilised 95 per cent of the IPO proceeds for commissioning various projects mentioned in the offer document.