Electrical and electronic products manufacturer V-Guard registered a 46.85 per cent growth in its net profit for FY10 at Rs 25.47 crore for the year ended March 31, as against Rs 17.35 crore in the previous year.

The net turnover of the company grew by 43.35 per cent at Rs.454.09 crore as compared with Rs 316.78 crore clocked the previous year. The company’s board of directors recommended a dividend of 30 per cent — Rs 3 per equity share for the year 2009-10. Mithun K Chittilappilly, executive director, said the increase can be attributed to better penetration in the north and also expansion in tier II & III cities in the south.

The firm has utilised 95 per cent of the IPO proceeds on various projects mentioned in the offer document. Distribution centres in Hubli and Vijayawada will be completed by FY11-end.