CG Power Q2 profit falls 11% to Rs 179 crore

CG Power and Industrial Solutions: Standard Chartered Bank (Singapore) offloads stake in CG Power and Industrial Solutions. Standard Chartered Bank (Singapore) sold 1,38,45,000 equity shares in the company via open market transactions. These shares were sold at an average price of Rs 215 per share.

CG Power and Industrial Solutions on Wednesday reported 11 per cent decline in consolidated net profit at Rs 178.97 crore for September quarter 2022-23. The company logged a profit of Rs 201.78 crore in the quarter ended September 30, 2021, a BSE filing stated.

However, its total income rose to Rs 1,707 crore in the quarter from Rs 1,468.56 crore in the same period a year ago. The board in its meeting also approved a proposal to expand the manufacturing capacity of motors at its Ahmednagar and Goa plants with a capital outlay of Rs 230 crore.

The proposed expansion would increase the capacity to 19.92 lakh low tension motors per annum, from the existing capacity of 9.93 lakh per annum. The current capacity utilisation is around 80 per cent. The expansion project will be implemented in 2 phases over a period of 4 years and will be funded through internal accruals. The expansion is proposed considering the expected increase in future demand for AC motors. The current capacity utilisation is around 80 per cent. The expansion project will be implemented in 2 phases over a period of 4 years and will be funded through internal accruals.

The board also approved on recommendation of the nomination and remuneration committee, the reappointment of Natarajan Srinivasan as Managing Director for a further period of one year with effect from November 26, 2022. Srinivasan is not debarred from holding the office of director by virtue of any order of Securities and Exchange Board of India or of any other authority, it stated.