Visaka Industries net up 18%

Hyderabad: HYDERABAD-based Visaka Industries Limited has registered 18 per cent increase in net profit at Rs 40.58 crore during the first quarter ending on June 30, as compared to Rs 34.42 crore in the corresponding quarter previous year. The total revenue from operations of the company surged 220 per cent to Rs 351.17 crore in the first quarter of this fiscal against Rs 286.74 crore in the same quarter during a year ago.

The building products segment, comprising cement roofing sheets and Vnext fibre cement boards have continued their strong performance. The revenue from wonder yarn segment and building products segment has grown 123 per cent and 17 per cent to Rs 29.69 crore and Rs 319.38 crore respectively during the review period.

G Vamsikrishna, Joint Managing Director of Visaka Industries, said: "The second wave of Covid-19 did disrupt the country's economy in various pockets. This was visible in consumers' discretionary spending. However, our firm maintained its position and the building product segment remained resilient."