Visaka Industries Limited announces Q1 results
Hyderabad, 26 July 2021 – Visaka Industries Limited (BSE: 509055, NSE: VISAKAIND) today announced the results for the first quarter ending on June 30, 2021.
Total revenue from operations (net) for the quarter was INR 35117 Lakh, showing an increase of 22% as compared to INR 28674 Lakh in the corresponding quarter of 2020.
PBT for the quarter was INR 5464 Lakh as compared to INR 4610 Lakh in the corresponding quarter of 2020, showing an increase of 19%.
Net Profit for the quarter after tax was INR 4058 Lakh as compared to INR 3442 Lakh in the corresponding quarter of 2020 showing an increase of 18%.
The Building Products, comprising of Cement Roofing Sheets and Vnext fibre cement boards have continued their strong performance. The Building Products reported Segment Revenue of INR 31938 Lakh as compared to INR 27189 Lakh in the corresponding quarter of 2020 showing an increase of 17% and the segment Profit stood at INR 6201 Lakh.
Visaka Industries Limited’s WONDER YARN has improved compared to the corresponding period last year. However, the business has not recouped completely because its markets of Mumbai and Rajasthan have not recovered owing to the impact of COVID19. Wonder Yarn delivered Segment Revenue of INR 2969 Lakh as compared to INR 1330 Lakh in the corresponding quarter of 2020 showing an increase of 123%. Segment Profit stood at INR 330 Lakh.
Mr G. Vamsikrishna, Joint Managing Director said, “The second wave of COVID19 did disrupt the country’s economy in various pockets. This was visible in consumers discretionary spending. However, Visaka Industries Limited maintained its position and the Building Product segment remained resilient.”
Owing to the demand of Cement Roofing Sheets, Visaka Industries Limited is expanding and is setting up an additional manufacturing line in Rae Bareli. With a capacity of 100000 Tonnes, this unit will take Visaka’s total capacity to 902000 tonnes annually.
Visaka Industries Limited’s fibre cement boards manufacturing unit near Coimbatore is expected to start operation by Dec 2021.
Visaka Industries Limited in its Annual General Meeting held in May 2021 had announced its foray into ATUM Life – a chain of physical stores selling sustainable products; ATUM Charge, EV charging stations using ATUM Solar Roof; and Vnext Solution, which offer turnkey solutions for a wide range of building requirements ranging from prefabricated buildings to interior furniture requirements.
Visaka Industries Limited is coming up with its first ATUM Life store in Hyderabad. It is also setting up ATUM Charge EV Charging Stations in Tier-1 and Tier-2 cities across the country.