CG Power posts a flat standalone profit at Rs.₹240 cr in the March quarter
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Updated - May 06, 2024 at 09:02 PM.
The company is making a ₹7,600 crore investment in establishing an OSAT facility in Gujarat
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GOPINATHAN K
CG Power and Industrial Solutions Ltd, part of the Murugappa Group, has reported a flat standalone PAT (profit after tax) at ₹240 crore for the quarter that ended March 31, 2024, amid a 17 per cent rise in revenue from operations. Consolidated PAT for the March 2024 quarter reported a drop to ₹234 crore from ₹260 crore in the March 2023 quarter. The company, which is making ₹7,600 crore investment in establishing an Outsourced Semiconductor Assembly and Test (OSAT) facility in Gujarat, saw its revenue grow to ₹2,084 crore from ₹1,788 crore in the year-ago quarter. Revenue of the industrial systems business grew to ₹1,263 crore in Q4 of FY24 (₹1,196 in Q4 of FY23), while the power systems division's revenue rose 39 per cent to ₹821 crore from ₹593 crore, according to a company statement. For the year ended March 31, 2024, the company's PAT grew to ₹1,004 crore from ₹785 crore in FY23, while revenue was higher by 16 per cent at ₹7,610 crore when compared with ₹6,580 crore. On a consolidated basis, the company's PAT stood at ₹871 crore for FY24 when compared with ₹796 crore in FY23. Consolidated revenue grew to ₹8,046 crore from ₹6,973 crore. During FY24, the Board had approved expansion capex for Switchgears (Nashik) at an investment of ₹155 crore, power transformers (Bhopal) at an investment of ₹31 crore, while ₹35 crore is planned for HT motors (Bhopal). The total expansion capex approved to date is ₹662 crore. The company's scrip closed at ₹547.10 per share, down 0.16 per cent, on BSE on Monday.The company's revenue surged to ₹2,084 crore from ₹1,788 crore in the year-ago quarter, representing a notable growth of 16 per cent
Board approved capex