The Hindu Business Line

Visaka In­dus­tries’ profit slips to ₹23 crore in Q1

- Business · Tamil Nadu · Coimbatore

Visaka In­dus­tries has posted a lower profit of ₹23.07 crore dur­ing the first quar­ter ended June 30, against a profit of ₹30.33 crore in the cor­re­spond­ing quar­ter of the pre­vi­ous fis­cal. The com­pany logged to­tal in­come of ₹354.31 crore (₹352.59 crore).

Vamsi Gad­dam, Joint Man­ag­ing Direc­tor, Visaka In­dus­tries, said, “Our ex­pan­sion plans are on track with the ₹100-crore Vnext board plant that will be com­mis­sioned in Tamil Nadu in­creas­ing our ca­pac­ity to 2,20,000 mt.”

Work on the fourth Vnext boards plant near Coimbatore has com­menced and is ex­pected to go on stream by FY2021.

The com­pany re­duced its debt by ₹73 crore se­quen­tially from March and by ₹10 crore over June last year in spite of a capex of ₹50 crore in FY2019.

The com­pany said its in­no­va­tive rooftop so­lar prod­uct Atum has re­ceived a lot of en­quiries and or­ders are likely to flow in the sub­se­quent quar­ters and is ex­pected to con­trib­ute to growth.

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