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CG Power Q3 results: Net profit jumps 28% to Rs 546 crore

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CG Power Q3 results: Net profit jumps 28% to Rs 546 crore

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In the corresponding quarter last year, the company posted a net profit of Rs 425 crore. The company's total income increased to Rs 1,558.89 crore in the latest quarter under review from Rs 834.51 crore in the year-ago period.

CG Power and Industrial Solutions on Thursday reported a 28 percent year-on-year (YoY) jump in consolidated net profit at Rs 546 crore for the third quarter ended December 31, 2021.
In the corresponding quarter last year, the company posted a net profit of Rs 425 crore.
The company's total income increased to Rs 1,558.89 crore in the latest quarter under review from Rs 834.51 crore in the year-ago period.
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The consolidated results include the performance of the operating subsidiaries in the USA (QEI, LLC) and in Sweden, Germany and Netherlands (Drives and Automation Europe) and other non-operating and holding subsidiaries, the filing said.
Sales in the latest December quarter were at Rs 1,551 crore as against Rs 820 crore in the year-ago period and profit before tax before exceptional items stood at Rs 174 crore as against Rs 64 crore during the same period.
The company completed the long-pending sale of land at Kanjurmarg during the December quarter and the entire sale proceeds of Rs 402 crore, including a refund of the security deposit, have been received. The proceeds were utilised to prepay long-term debt of Rs 363 crore, the filing said.
The unexecuted order book at the end of December 2021 was at Rs 1,543 crore. CG Power and Industrial Solutions Ltd is a major company of the Chennai-headquartered Murugappa Group.
Shares of CG Power and Industrial Solutions ended at Rs 184.90, up by Rs 3.90, or 2.15 percent on the BSE.