Friday, Aug 12 2022 | Time 19:44 Hrs(IST)
Business Economy

Visaka Industries Q1 net profit down 5 pc

Hyderabad, August 6 (UNI) Visaka Industries Limited, India’s leading sustainable, cost-effective building materials solution provider on Saturday reported a 5 per cent drop in standalone net profit at 38.63 crores for the first quarter ended June 30, 2022 even as the standalone revenue increased by 37 per cent.
The company had posted a net profit of Rs 40.58 crore in the corresponding period in the previous year.
During the quarter, standalone revenue increased 37 percent Y-o-Y and stood at Rs 479.22 crore as compared to Rs 349.06 crores in Q1FY2, Hyderabad-based company said in a statement here.
Commenting on the company’s performance, Mr. Vamsi G. Krishna, the Joint Managing Director said, "Our stellar performance in Q1FY23 demonstrates the efforts and commitment of our team to consistently deliver and achieve major milestones in India and overseas by successfully commissioning numerous projects. Consequent to significant acceleration of the economic growth in the country, the demand for the company’s product has improved.
During this first quarter of the current fiscal, we started the commercial production at second line of Cement roofing sheet facility at Raebareli, UP state with an annual capacity of 1 lakh Mts per annum, he said the Textile segment has shown good performance continuously and made segment profit of 11.72 Rs. crores for Q1FY23.
Initiatives taken by the government of India towards sustainability and green energy will create a plethora of opportunities for our Company, he said we are working on designing products both for Indian and foreign markets.
Our focus for FY23 will be to engage with India’s growth agenda, propelled by constant indigenous product innovation leveraging our strengths in R&D and new product development".
"The company is setting up a new Fibre Cement Boards unit in West Bengal with an annual capacity of 72000 Mts," he added.
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