V-Guard Industries Ltd is a major electrical appliances manufacturer in India, and the largest in the state of Kerala with an annual turnover of ₹ 17.50 billion (FY 2014-15). It manufactures voltage stabilizers, wiring cables, electric pumps, electric motors, geysers, solar water heaters, electric fans and UPSs. It was founded in 1977 by Kochouseph Chittilappilly as a small voltage stabilizer manufacturing unit. Kochouseph Chittilappilly also founded other establishments held as subsidiaries such as V Star Creations, an Indian manufacturer of innerwear for men, women, and children, and Wonderla, a chain of amusement parks in South India. V-Guard is one of India’s leading consumer goods company with technologically diversified product offerings. Headquartered in city of Kochi, Kerala, the company now has over 500 distributors, 20,000 retailers, and a growing count of branches across India. It’s listed with the NSE and BSE since 2008. Over the years V-Guard has ventured into domestic, industrial and agricultural electronic goods and appliances category taking the total company revenue to over Rs. 1700 Crore.

1. 1
THE FORECAST ANALYSIS ON V – GUARD
INDUSTRIES LIMITED
Varun Kesavan, Research Scholar, Palakkad, E – Mail Id –
varunkesavan@yahoo.com
INTRODUCTION
V-Guard Industries Ltd is a major electrical appliances manufacturer in India, and
the largest in the state of Kerala with an annual turnover of ₹ 17.50 billion (FY 2014-
15). It manufactures voltage stabilizers, wiring cables, electric pumps, electric
motors, geysers, solar water heaters, electric fans and UPSs. It was founded in 1977
by Kochouseph Chittilappilly as a small voltage stabilizer manufacturing unit.
Kochouseph Chittilappilly also founded other establishments held as
subsidiaries such as V Star Creations, an Indian manufacturer of innerwear for men,
women, and children, and Wonderla, a chain of amusement parks in South India.

2. 2
V-Guard is one of India’s leading consumer goods company with technologically
diversified product offerings. Headquartered in city of Kochi, Kerala, the company
now has over 500 distributors, 20,000 retailers, and a growing count of branches
across India. It’s listed with the NSE and BSE since 2008. Over the years V-Guard
has ventured into domestic, industrial and agricultural electronic goods and
appliances category taking the total company revenue to over Rs. 1700 Crore.
History
The origin dates back to 1977, when Mr. Kochouseph Chittilappilly set out to build a
brand in the Indian electric and electronic goods panorama. With a small manufacturing
unit for voltage stabilizers, a capital of Rs.100,000 and two employees, the company set
sail. The famous Kangaroo logo was created by artist Sreekandan V.A. (Mani).
V Guard Products
Stabilizers
For Audio/ Video Systems (Music System,TV and DVD)
 VM 10
 VGD 20
 VGD 30

3. 3
For Refrigerators
 VG 50
 VGSD 50
 VMS 50
 VGSJW 50
 VEW 50
 VEB 50
For Deep Freezers/ Water coolers
 VG 100
 VGSD 100
 VGSJW 100o
 VG 150
 VEW 150
For Air Conditioners
 VG 400
 V 400
 VS 400
 VNS 400
 VND 400
 VD 400
 VW 400
 VWR 400
 VWX 400

4. 4
 VEW 400
 VEW 400 Digital
 VTP 400
 VG 500
 VND 500
 VS 500
 VD 500
 VGB 500
 VWR 500
 VWR Dx 500
 VEW 500
For Washing Machine/Micro Wave Oven/ Tread Mill
 VM 300
 VM 500
 WCS 500
For LCD/LED/Plasma TV, Home Theater & other Electronics
 Mini Crystal
 VG Crystal
 Crystal Plus
 Digital 200

5. 5
TOOLS FOR THE ANALYSIS
 FORECAST ANALYSIS
Linear regression is a form of regression analysis and can be used to
calculate a mathematical relationship between two (or more) sets of data. In
forecasting, one set of data could be used to predict another set of data.
 CAGR ANALYSIS
The compound annual growth rate (CAGR) is
the mean annual growth rate of an investment over a specified
period of time longer than one year.

6. 6
FORECAST ANALYSIS
FORECAST ANALYSIS FOR TOTAL REVENUE OF V - GUARD INDUSTRIES LIMITED
(RS. IN CRORES) YEAR
964.63 2012
1360.21 2013
1517.56 2014
1745.92 2015
1862.28 2016
2,144.42 2017
2,300.02 2018
2,503.07 2019
2,696.76 2020
2,909.59 2021
3,088.89 2022
0
500
1000
1500
2000
2500
3000
3500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
964.63
1360.21
1517.56
1745.92
1862.28
2,144.42
2,300.02
2,503.07
2,696.76
2,909.59
3,088.89
FORECAST ANALYSIS FOR TOTAL REVENUE OF V - GUARD INDUSTRIES LIMITED (RS.
IN CRORES)

7. 7
FORECAST ANALYSIS FOR TOTAL EBITDA OF V - GUARD INDUSTRIES
LIMITED (RS. IN CRORES) YEAR
95.89 2012
113.56 2013
127.38 2014
137.5 2015
185.24 2016
192.71 2017
216.12 2018
241.60 2019
266.36 2020
283.74 2021
309.80 2022
0
50
100
150
200
250
300
350
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
95.89
113.56
127.38
137.5
185.24 192.71
216.12
241.60
266.36
283.74
309.80
FORECAST ANALYSIS FOR TOTAL EBITDA OF V - GUARD INDUSTRIES LIMITED
(RS. IN CRORES)

8. 8
FORECAST ANALYSIS FOR TOTAL PROFIT BEFORE TAX OF V - GUARD
INDUSTRIES LIMITED (RS. IN CRORES) YEAR
69.17 2012
82.18 2013
94.28 2014
101.45 2015
160.96 2016
162.46 2017
188.44 2018
216.32 2019
243.09 2020
259.69 2021
288.73 2022
0
50
100
150
200
250
300
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
69.17
82.18
94.28
101.45
160.96 162.46
188.44
216.32
243.09
259.69
288.73
FORECAST ANALYSIS FOR TOTAL PROFIT BEFORE TAX OF V - GUARD
INDUSTRIES LIMITED (RS. IN CRORES)

9. 9
FORECAST ANALYSIS FOR TOTAL PROFIT AFTER TAX OF V - GUARD
INDUSTRIES LIMITED (RS. IN CRORES) YEAR
50.8 2012
62.92 2013
70.13 2014
70.72 2015
111.68 2016
112.12 2017
127.50 2018
145.27 2019
162.93 2020
172.60 2021
191.00 2022
0
20
40
60
80
100
120
140
160
180
200
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
50.8
62.92
70.13 70.72
111.68 112.12
127.50
145.27
162.93
172.60
191.00
FORECAST ANALYSIS FOR TOTAL PROFIT AFTER TAX OF V - GUARD INDUSTRIES
LIMITED (RS. IN CRORES)

10. 10
FORECAST ANALYSIS FOR TOTAL EPS OF V - GUARD INDUSTRIES
LIMITED IN (RS.) YEAR
17.02 2012
21.08 2013
23.5 2014
23.66 2015
37.22 2016
37.39 2017
42.47 2018
48.35 2019
54.21 2020
57.41 2021
63.50 2022
0
10
20
30
40
50
60
70
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
17.02
21.08
23.5 23.66
37.22 37.39
42.47
48.35
54.21
57.41
63.50
FORECAST ANALYSIS FOR TOTAL EPS OF V - GUARD INDUSTRIES LIMITED
IN (RS.)

11. 11
FORECAST ANALYSIS FOR TOTAL NET WORTH OF V - GUARD INDUSTRIES
LIMITED (RS. IN CRORES) YEAR
210.64 2012
261.33 2013
318.43 2014
377.74 2015
470.77 2016
518.78 2017
589.58 2018
660.07 2019
728.43 2020
790.51 2021
862.16 2022
0
100
200
300
400
500
600
700
800
900
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
210.64
261.33
318.43
377.74
470.77
518.78
589.58
660.07
728.43
790.51
862.16
FORECAST ANALYSIS FOR TOTAL NET WORTH OF V - GUARD INDUSTRIES LIMITED
(RS. IN CRORES)

12. 12
CAGR ANALYSIS
CAGR ANALYSIS FOR TOTAL REVENUE OF V - GUARD INDUSTRIES
LIMITED (RS. IN CRORES) YEAR
2,144.42 2017
2,300.02 2018
2,503.07 2019
2,696.76 2020
2,909.59 2021
3,088.89 2022
8% CAGR
CAGR ANALYSIS FOR TOTAL EBITDAOF V - GUARD INDUSTRIES LIMITED
(RS. IN CRORES) YEAR
192.71 2017
216.12 2018
241.6 2019
266.36 2020
283.74 2021
309.8 2022
10% CAGR
CAGR ANALYSIS FOR TOTAL PROFIT BEFORE TAX OF V - GUARD
INDUSTRIES LIMITED (RS. IN CRORES) YEAR
162.46 2017
188.44 2018
216.32 2019
243.09 2020
259.69 2021
288.73 2022
12% CAGR

13. 13
CAGR ANALYSIS FOR TOTAL PROFIT AFTER TAX OF V - GUARD
INDUSTRIES LIMITED (RS. IN CRORES) YEAR
112.12 2017
127.5 2018
145.27 2019
162.93 2020
172.6 2021
191 2022
11% CAGR
CAGR ANALYSIS FOR TOTAL EPS OF V - GUARD INDUSTRIES LIMITED IN
(RS.) YEAR
37.39 2017
42.47 2018
48.35 2019
54.21 2020
57.41 2021
63.5 2022
11% CAGR
CAGR ANALYSIS FOR TOTAL NET WORTH OF V - GUARD INDUSTRIES
LIMITED (RS. IN CRORES) YEAR
518.78 2017
589.58 2018
660.07 2019
728.43 2020
790.51 2021
862.16 2022
11% CAGR

14. 14
0%
2%
4%
6%
8%
10%
12%
CAGR
ANALYSIS FOR
TOTAL
REVENUE OF V
- GUARD
INDUSTRIES
LIMITED FROM
PERIOD 2017 -
2022 (RS. IN
CRORES)
CAGR
ANALYSIS FOR
TOTAL EBITDA
OF V - GUARD
INDUSTRIES
LIMITED FROM
PERIOD 2017 -
2022 (RS. IN
CRORES)
CAGR
ANALYSIS FOR
TOTAL PROFIT
BEFORE TAX
OF V - GUARD
INDUSTRIES
LIMITED FROM
PERIOD 2017 -
2022 (RS. IN
CRORES)
CAGR
ANALYSIS FOR
TOTAL PROFIT
AFTER TAX OF
V - GUARD
INDUSTRIES
LIMITED FROM
PERIOD 2017 -
2022 (RS. IN
CRORES)
CAGR
ANALYSIS FOR
TOTAL EPS OF
V - GUARD
INDUSTRIES
LIMITED FROM
PERIOD 2017 -
2022 IN (RS.)
CAGR
ANALYSIS FOR
TOTAL NET
WORTH OF V -
GUARD
INDUSTRIES
LIMITED
FROM PERIOD
2017 - 2022
(RS. IN
CRORES)
8%
10%
12%
11% 11% 11%
CAGR ANALYSIS

15. 15
FINDINGS FROM FORECAST ANALYSIS
 From the Forecast analysis it can be concluded that the Total Revenue for the
year 2022 is expected to reach around Rs. 3,088.89 Crores.
 From the Forecast analysis it can be concluded that the Total EBITDA for the
year 2022 is expected to reach around Rs. 309.80 Crores.
 From the Forecast analysis it can be concluded that the Total Profit before Tax
for the year 2022 is expected to reach around Rs. 288.73 Crores.
 From the Forecast analysis it can be concluded that the Total Profit after Tax for
the year 2022 is expected to reach around Rs. 191 Crores.
 From the Forecast analysis it can be concluded that the Total EPS for the year
2022 is expected to reach around Rs. 63.50
 From the Forecast analysis it can be concluded that the Total Networth for the
year 2022 is expected to reach around Rs. 862.16 Crores.

16. 16
FINDINGS FROM CAGR ANALYSIS
 The expected CAGR for Total Revenue for the year 2022 is expected to witness
8%.
 The expected CAGR for Total EBITDA for the year 2022 is expected to witness
10%.
 The expected CAGR for Total Profit before Tax for the year 2022 is expected to
witness 12%.
 The expected CAGR for Total Profit after Tax for the year 2022 is expected to
witness 11%.
 The expected CAGR for Total EPS for the year 2022 is expected to witness
11%.
 The expected CAGR for Total Networth for the year 2022 is expected to witness
11%.

17. 17
SUGGESTIONS
1. The V – Guard industries Limited has to increase the levels of both fixed assets
and current assets.
2. The company needs maintain a balance between trade payables by enhancing
the levels of trade receivables.
3. The company needs to reduce the level of provision for doubtful trade and other
receivables, loans and advances.
4. The company needs to maintain a balance between the travel and conveyance
cost by maintaining a separate funds exclusive for travel purpose.
5. The company can further deploy more funds on deposits pertaining to banks and,
if possible the company can invest in high income generating securities.

18. 18
6. The company needs to further enhance the levels of other operating revenues
like an enhancement or doubling the level of scraps sale.
7. The company needs to reduce the level of prepaid expenditure in order to
maintain good and efficient working capital.
8. The company needs to thoroughly analyse the financial status of its suppliers
before lending/advancing to suppliers, in order to reduce the provision on
doubtful debts.
9. The company needs to further enhance the level of cash in hand for unexpected/
contingencies.
10.The company has to reduce the levels of provision towards doubtful advances by
creating a seperate reserve fund.

19. 19
CONCLUSION
On the whole the V – Guard Industries Limited is expected to witness an exponential
growth in terms of Total Revenue, Total EBITDA, Total Profit before tax, and Total
Profit after Tax, Total EPS and also in terms of Total Networth for the year 2022. But
in the case of Total liabilities, expenditures and Provisions the company needs to
take retrospective and timely action in order to further enhance the levels of Net
profit and Operating Profits in long term future course of action.