October 29, 2024

The Manager, The Manager,

Listing Department, Listing Department,
BSE Limited, National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1,
Dalal Street, G Block, Bandra-Kurla Complex,
Mumbai- 400 001 Bandra-East,
Mumbai- 400 051
Scrip Code: 532953 Symbol: VGUARD

Dear Sir/Madam,

Sub: Submission of Investor Presentation pursuant to Regulation 30 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, we hereby submit Investor Presentation on Un-Audited
Financial Results of the Company for the quarter and half year ended September 30, 2024.

We request you to kindly take the above information on record.

Thanking You,

Yours Sincerely,

For V-Guard Industries Limited

Digitally signed by
VIKAS VIKAS KUMAR TAK
KUMAR TAK Date: 2024.10.29
19:02:08 +05'30'
Vikas Kumar Tak
Company Secretary & Compliance Officer
Membership No. FCS 6618

Encl: As above

V-GUARD INDUSTRIES LTD. P +91 484 300 5000, 200 5000

Regd. Office: 42/962, E mail@vguard.in
Vennala High School Road, W www.vguard.in
Vennala, Kochi – 682 028.
CIN: L31200KL1996PLC010010
V-Guard Industries
Q2 FY25 Earnings Presentation
 2
Disclaimer

Certain statements in this communication may be ‘forward looking

statements’ within the meaning of applicable laws and regulations. These
forward-looking statements involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially from
those suggested by the forward-looking statements. Important
developments that could affect the Company’s operations include
changes in the industry structure, significant changes in political and
economic environment in India and overseas, tax laws, import duties,
litigation and labour relations.

V-Guard Industries Limited (V-Guard) will not be in any way

responsible for any action taken based on such statements and
undertakes no obligation to publicly update these forward-looking
statements to reflect subsequent events or circumstances.
 3
Table of Contents

MD’s Message 04

Key Highlights 05

Financial Highlights 06-10

Segment-wise/Geographical Breakup of Revenues 11-13

Annexure 14-16
 4

Managing Director’s
Commenting on the performance for Q2 FY25, Mr. Mithun Chittilappilly, Managing Director –
Message V-Guard Industries Limited said, “The business has delivered healthy topline growth this quarter,
despite the extended monsoon season. As a result, we reported consolidated net revenues of Rs.
1,294 crore in Q2 FY25, higher by 14.1% on a year-on-year basis.
All our segments delivered double digit growth in topline on a year-on-year basis. Growth was led by
the Electronics segment which reported topline growth of 18.8% in Q2 on a year-on-year basis
followed by the Electricals and Consumer Durables segments with 16.3% and 10.6% topline growth
in Q2 respectively.
During the quarter, the South market grew by 13.6% y-o-y while the Non-South markets grew by
16.9% YoY.
We continue to witness an improvement in gross margin on a y-o-y basis as the benefit of stable
commodity prices reflects in our performance. This has also been aided by higher share of in-house
manufacturing, cost saving initiatives and gradual shift towards a premium portfolio. Margins for
Wires, which is the largest category in Electricals segment, was impacted during the quarter due to
volatile copper prices.
Increasing efficiency of working capital has enabled cash generation to remain strong during the
quarter.
We expect to continue the momentum and deliver a strong performance in the second half of the
year.”
Based on Consolidated Financials
Key Highlights – Q2 FY25 5

• Q2 FY25 revenue increased by 14.1% YoY to Rs. 1,293.99 crore

Revenue increased by • South markets witnessed a YoY growth of 13.6% whereas Non-South markets grew by 16.9% in Q2 FY25
14.1% YoY in Q2 FY25
• Non-South markets contributed to 44.5% of total revenues in Q2 FY25 as compared to 43.8% in Q2 FY24

• Gross margin expanded by 200 bps YoY, at 35.8% in Q2 FY25 with continued moderation in input costs and benefit of various pricing
and cost effectiveness initiatives.
EBITDA performance • Ad/promotional spends, at 3.0% of revenues in Q2 FY25 as compared to 2.2% in Q2 FY24
and PAT • EBITDA at Rs. 110.26 crore in Q2 FY25 grew 19.2% YoY, as compared to Rs. 92.49 crore in Q2 FY24
• EBITDA margins expanded by 30 bps YoY, at 8.5% as compared to 8.2% in Q2 FY24
• Q2 FY25 PAT increased 7.5% YoY to Rs. 63.39 crore

Robust cash flow • CFO generation continued to remain strong for H1 FY25 at Rs. 335.76 crore compared to Rs. 333.66 crore for H1 FY24
generation and • ROE and ROCE at 15.4% and 18.9%, respectively over the last 12 months
balance sheet • Net cash as on 30th September 2024 is Rs. 4.26 crore, as against net debt of Rs. 158.96 crore as on 30th September 2023. The
Company has made further repayment during the quarter towards the long-term debt taken for the Sunflame acquisition and expects to
fully repay the same by the end of the financial year.

Based on Consolidated Financials 5

 6
P&L Snapshot (including Sunflame)
P&L Statement Q2 FY25 Q2 FY24 Change Q1 FY25 H1 FY25 H1 FY24 Change
Particulars (Rs. Cr) (Rs. Cr) % (Rs. Cr) (Rs. Cr) (Rs. Cr) %
Net Revenue 1,293.99 1,133.75 14.1% 1,477.10 2,771.09 2,348.51 18.0%

COGS 830.22 750.92 10.6% 940.82 1,771.04 1,570.83 12.7%

Gross Margin 35.8% 33.8% 2.0% 36.3% 36.1% 33.1% 3.0%

EBITDA (excluding other income) 110.26 92.49 19.2% 155.77 266.03 197.24 34.9%

as a % to Net Revenue (NR) 8.5% 8.2% 0.3% 10.5% 9.6% 8.4% 1.2%

Other Income (including finance income) 4.05 14.16 -71.4% 6.91 10.96 25.95 -57.8%

EBITDA including other income 114.31 106.65 7.2% 162.68 276.99 223.19 24.1%

as a % to NR 8.8% 9.4% -0.6% 11.0% 10.0% 9.5% 0.5%

PBT 84.62 77.53 9.1% 132.36 216.98 163.44 32.8%

as a % to NR 6.5% 6.8% -0.3% 9.0% 7.8% 7.0% 0.8%

PAT 63.39 58.95 7.5% 98.97 162.36 123.17 31.8%

as a % to NR 4.9% 5.2% -0.3% 6.7% 5.9% 5.2% 0.7%

Based on Consolidated Financials

 7
P&L Snapshot (excluding Sunflame)
P&L Statement Q2 FY25 Q2 FY24 Change Q1 FY25 H1 FY25 H1 FY24 Change
Particulars (Rs. Cr) (Rs. Cr) % (Rs. Cr) (Rs. Cr) (Rs. Cr) %
Net Revenue 1,232.94 1,072.03 15.0% 1,418.44 2,651.38 2,223.64 19.2%

COGS 791.48 710.88 11.3% 905.05 1,696.53 1,489.86 13.9%

Gross Margin 35.8% 33.7% 2.1% 36.2% 36.0% 33.0% 3.0%

EBITDA (excluding other income) 109.36 87.23 25.4% 153.14 262.50 184.48 42.3%

as a % to Net Revenue (NR) 8.9% 8.1% 0.8% 10.8% 9.9% 8.3% 1.6%

Other Income (including finance income) 3.76 13.53 -72.2% 6.55 10.31 24.85 -58.5%

EBITDA including other income 113.12 100.76 12.3% 159.69 272.81 209.33 30.3%

as a % to NR 9.2% 9.4% -0.2% 11.3% 10.3% 9.4% 0.9%

PBT 85.24 73.89 15.4% 131.13 216.37 154.03 40.5%

as a % to NR 6.9% 6.9% 0.0% 9.2% 8.2% 6.9% 1.3%

PAT 63.79 56.31 13.3% 98.17 161.96 116.22 39.4%

as a % to NR 5.2% 5.3% -0.1% 6.9% 6.1% 5.2% 0.9%

Based on Consolidated Financials

 8
Financial Highlights (Q2 FY25 vs. Q2 FY24)

Revenue (Rs. crore) Gross Profit (Rs. crore)

1,294
1,134 464
383
Key ratios (%) Q2 FY25 Q2 FY24

Gross Margin 35.8% 33.8%

14.1% 21.1% EBITDA Margin (excl. other income) 8.5% 8.2%
Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Profit after Tax % 4.9% 5.2%

Ad & Promotion Exp./ Revenue 3.0% 2.2%

EBITDA (Rs. crore) PAT (Rs. crore)
Employee Cost/ Revenue 10.0% 9.4%

110 Other Expenditure/ Revenue 17.3% 16.2%

92 59 63
Tax rate 25.1% 24.0%

Diluted EPS (Rs.) 1.44 1.34

19.2% 7.5%

Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25

Based on Consolidated Financials

 9
Financial Highlights (H1 FY25 vs. H1 FY24)

Revenue (Rs. crore) Gross Profit (Rs. crore)

2,771 1,000
2,349
778

Key ratios (%) H1 FY25 H1 FY24

Gross Margin 36.1% 33.1%

18.0% 28.6%
EBITDA Margin (excl other income) 9.6% 8.4%
H1 FY24 H1 FY25 H1 FY24 H1 FY25
Profit after Tax % 5.9% 5.2%

EBITDA (Rs. crore) PAT (Rs. crore) Ad & Promotion Exp./ Revenue 2.9% 2.2%
266 162 Employee Cost/ Revenue 9.1% 8.9%
197 123
Other Expenditure/ Revenue 17.4% 15.8%

Tax rate 25.2% 24.6%

Diluted EPS (Rs.) 3.70 2.81

34.9% 31.8%

H1 FY24 H1 FY25 H1 FY24 H1 FY25

Based on Consolidated Financials

Financial Highlights – Balance Sheet Perspective 10

Balance Sheet Snapshot (Rs. Cr) 30 September 2024 30 June 2024 30 September 2023

Net Worth 1,930.94 1,920.49 1,682.55

Gross Debt 146.91 217.32 293.17
Current Investments 80.46 272.25 35.13
Cash & Cash Equivalents (inc. bank balance) 70.71 81.55 99.08
Net Cash Position (Rs. crore) 4.26 136.48 -158.96
Fixed Assets 1,130.47 1,125.70 1,057.41

Balance Sheet Snapshot 30 September 2024 30 June 2024 30 September 2023

Debtor (days)* 32 35 37
Inventory (days)* 99 90 93
Creditor (days)* 66 76 62
Working Capital Turnover (days)* 65 49 68
RoE* (%) 15.4% 15.2% 12.8%
RoCE* (%) 18.9% 17.7% 13.8%

Note: *Calculations are on a trailing twelve month basis

Based on Consolidated Financials 10
 11
Segment-wise Breakup – Q2 FY25 vs. Q2 FY24
Q2 FY25 Q2 FY24 YoY growth
Segment Revenue Contribution (%) Contribution (%)
(Rs. Cr) (Rs. Cr) (%)
Electronics 302.99 23.4% 255.09 22.5% 18.8%
Electricals 537.61 41.6% 462.28 40.8% 16.3%
Consumer Durables 392.34 30.3% 354.66 31.3% 10.6%
Sunflame 61.05 4.7% 61.72 5.4% -1.1%
Grand Total 1,293.99 100.0% 1,133.75 100.0% 14.1%

Q2 FY25 Q2 FY24 YoY growth

Segment Result Margin (%) Margin (%)
(Rs. Cr) (Rs. Cr) (%)
Electronics 59.45 19.6% 43.17 16.9% 37.7%
Electricals 49.12 9.1% 48.70 10.5% 0.9%
Consumer Durables 16.08 4.1% 7.13 2.0% 125.5%
Sunflame 0.86 1.4% 3.07 5.0% -72.0%
Grand Total 125.51 9.7% 102.07 9.0% 23.0%
Based on changes in internal reporting of segment results, certain costs pertaining to corporate functions which were previous allocated to various segments are
now presented under unallocable expense. Accordingly, segment information including comparatives for previous periods have been restated.

Electronics – Stabilizers, UPS, Inverters

Electricals – Wires, Pumps, Switchgears, Modular Switches
Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers Based on Consolidated Financials
Sunflame – Products sold under trademark Sunflame and Superflame
 12
Segment-wise Breakup – H1 FY25 vs. H1 FY24
H1 FY25 H1 FY24 YoY growth
Segment Revenue Contribution (%) Contribution (%)
(Rs. Cr) (Rs. Cr) (%)
Electronics 816.11 29.5% 618.82 26.4% 31.9%
Electricals 1025.31 37.0% 919.00 39.1% 11.6%
Consumer Durables 809.96 29.2% 685.82 29.2% 18.1%
Sunflame 119.71 4.3% 124.87 5.3% -4.1%
Grand Total 2771.09 100.0% 2,348.51 100.0% 18.0%

H1 FY25 H1 FY24 YoY growth

Segment Result Margin (%) Margin (%)
(Rs. Cr) (Rs. Cr) (%)
Electronics 162.96 20.0% 110.25 17.8% 47.8%
Electricals 98.29 9.6% 88.10 9.6% 11.6%
Consumer Durables 37.81 4.7% 15.48 2.3% 144.3%
Sunflame 3.59 3.0% 9.54 7.6% -62.4%
Grand Total 302.65 10.9% 223.37 9.5% 35.5%
Based on changes in internal reporting of segment results, certain costs pertaining to corporate functions which were previous allocated to various segments are
now presented under unallocable expense. Accordingly, segment information including comparatives for previous periods have been restated.

Electronics – Stabilizers, UPS, Inverters

Electricals – Wires, Pumps, Switchgears, Modular Switches
Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers Based on Consolidated Financials
Sunflame – Products sold under trademark Sunflame and Superflame
 13
Geographical Breakup of Revenues

Q2 FY25 Q2 FY24 YoY growth

Region Contribution (%) Contribution (%)
(Rs. Cr) (Rs. Cr) (%)
South 684.47 55.5% 602.76 56.2% 13.6%
Non-South 548.47 44.5% 469.27 43.8% 16.9%
Total (excl. Sunflame) 1,232.94 100.0% 1,072.03 100.0% 15.0%
Sunflame 61.05 61.72 -1.1%
Total Revenue 1,293.99 1,133.75 14.1%

H1 FY25 H1 FY24 YoY growth

Region Contribution (%) Contribution (%)
(Rs. Cr) (Rs. Cr) (%)
South 1,375.45 51.9% 1,195.41 53.8% 15.1%
Non-South 1,275.93 48.1% 1,028.23 46.2% 24.1%
Total (excl. Sunflame) 2,651.38 100.0% 2,223.64 100.0% 19.2%
Sunflame 119.71 124.87 -4.1%
Total Revenue 2,771.09 2,348.51 18.0%

Based on Consolidated Financials

 15
Market Overview of V-Guard’s Product Portfolio
Total Market Size Indicative Org. Industry Growth VG Share in
Electronics Product Other Key Players
(Rs. Crs.) Market Size (%) Rate (%) Org. Market (%)
Microtek, Everest,
Stabilizers 1,600-2,000 65-70% 4-6% 40-45%
Premier

Exide, Luminous,
DUPS & Battery 13,000-16,000 65-70% 13-15% 5-7%
Microtek

Total Market Size Indicative Org. Industry Growth VG Share in

Electricals Product Other Key Players
(Rs. Crs.) Market Size (%) Rate (%) Org. Market (%)
Polycab, Finolex,
House Wiring Cables 21,000-25,000 65-70% 9-10% 8-9%
Havells

Legrand, Havells,
Switchgears* 4,000-4,500 75-80% 8-10% ~ 5%
Anchor

Anchor, Legrand,
Modular Switches 7,000-9,000 75-80% 12-14% **
Havells

Crompton, Kirloskar,
Pumps* 5,000-6,000 65-70% 7-9% 9-12%
Texmo

*Market estimates of VG active product segments only | ** Recent entry/ Growth plan under activation
 16
Market Overview of V-Guard’s Product Portfolio
Total Market Size Indicative Org. Industry Growth VG Share in
Appliances Product Other Key Players
(Rs. Crs.) Market Size (%) Rate (%) Org. Market (%)

Water Heaters 3,000-4,000 80-85% 8-10% 14-16% Bajaj, Havells, Crompton, Racold

Electric Fans 12,000-14,000 80-85% 8-10% 5-7% Crompton, Havells, Orient, Usha, Bajaj

Sudarshan Saur, Supreme Solar,

Solar Water Heaters 800-900 60-65% 5-7% 15-17%
Racold

Air Coolers 6,500-8,000 35-40% 11-12% ** Symphony, Bajaj, Voltas

Kitchen Appliances Mixer Grinders - Bajaj, Preethi,

• Mixer Grinders 3,500-5,000 70-75% 9-10% ** Butterfly
• Gas Stoves 2,500-3,000 60-65% 11-13% 5-7% Gas Stoves - Prestige, Butterfly
• Water Purifiers 6,000-6,500 60-65% 15-18% ** Water Purifiers - Eureka Forbes, Kent
• Other Kitchen 2,200-2,500 75-80% 10-15% ** RO, HUL Pureit
Appliances# Others - Faber, Bajaj, Havells

# Includes Induction Cooktop, Rice Cooker, Sandwich Makers, Toasters, Grills, Kettles, Chimneys, etc.
** Recent entry/ Growth plan under activation
 17
About V-Guard Industries
V-Guard Industries Limited (BSE:532953, NSE: VGUARD) is a Kochi based company,
founded in 1977 by Kochouseph Chittilapilly to manufacture and market Voltage
stabilizers. The Company has since then established a strong brand name and
aggressively diversified to become a multi-product Company catering to the Light
Electricals sector manufacturing Voltage stabilizers, Digital UPS systems & Batteries,
Pumps, House wiring cables, Switch gears, Modular switches, Electric water heaters, For further information, please contact:
Fans, Solar water heaters, Air coolers and various Kitchen appliances.
Sudarshan Kasturi (CFO)
V-Guard outsources ~ 35% of its product profile while the rest are manufactured in
– house while keeping a strong control in designs and quality. It has manufacturing V-Guard Industries Limited
facilities at Coimbatore (Tamil Nadu), Kashipur, Pantnagar & Haridwar Tel: +91 484 300 5601
(Uttarakhand), Kala Amb (Himachal Pradesh), Hyderabad (Telangana), Faridabad
(Haryana), Sikkim and Vapi (Gujarat). Email: sudarshan.kasturi@vguard.in

V-Guard has been a dominant player in the South market, though the last ten years
have also seen the Company expanding rapidly in the non-South geographies with Mayank Vaswani / Shruti Joshi
their contribution increasing from 5% of total revenues in FY08 to around 45% of
total revenues in FY24. Significant investments continue to be made to expand its CDR India
outlet coverage in the non-South geographies and become a dominant pan-India Tel: +91 982 094 0953 / +91 750 656 7349
player.
Email: mayank@cdr-india.com / shruti@cdr-india.com
V-Guard has a diversified client base and an extensive marketing & distribution
network. Its client base differs from product to product and includes direct
marketing agents, distributors and retailers. The Company today has a strong
network of 32 branches which cover ~60,000+ channel partners across the
country.
THANK YOU