Crompton Greaves Q1 net drops 30% to Rs 60 cr on power woes
Power systems' revenues of Crompton Greaves increased 8.5 percent on yearly basis to Rs 1,818 crore during April-June quarter, but earnings before interest & tax (EBIT) from power segment dropped 36 percent Y-o-Y to Rs 27.23 crore and EBIT margin dipped 110 bps year-on-year to 1.5 percent during the quarter.
August 06, 2013 / 17:43 IST
Moneycontrol Bureau
Mumbai-based transformer and switchgear products manufacturer Crompton Greaves' first quarter (April-June) consolidated (including international business) net profit dropped higher-than-expected 30 percent year-on-year to Rs 60 crore on lower profits in power segment, but its standalone (domestic business) profit after tax rose by 3.6 percent Y-o-Y to Rs 125 crore.Consolidated net sales rose 12.3 percent on yearly basis to Rs 3,157 crore during the quarter, which was above analysts' forecast.Analysts on an average had expected it to report net profit of Rs 69 crore on revenues of Rs 3,074 crore.Consolidated earnings before interest, tax, depreciation & amortisation (EBITDA) declined 13 percent Y-o-Y to Rs 145 crore and EBITDA margin slipped higher-than-expected 130 bps Y-o-Y to 4.6 percent in first quarter while analysts expected EBITDA of Rs 148 crore and operating profit margin of 4.8 percent.Power systems revenues increased 8.5 percent on yearly basis to Rs 1,818 crore during April-June quarter, but earnings before interest & tax (EBIT) from power segment dropped 36 percent Y-o-Y to Rs 27.23 crore and EBIT margin dipped 110 bps year-on-year to 1.5 percent during the quarter.Meanwhile, its consumer products and industrial systems divisions performed well during the quarter gone by. EBIT of consumer products rose to Rs 93.98 crore from Rs 85.03 crore and industrial systems' EBIT increased from Rs 36.47 crore to Rs 38.57 crore.Other income jumped 90 percent Y-o-Y to Rs 35.32 crore while finance cost climbed to Rs 20.14 crore from Rs 9.89 crore during the same period.The stock recovered nearly 11 percent from day's low of Rs 75.40 on improvement in power revenues. At 11:56 hours IST, it was up 1.89 percent to Rs 83.60 on the BSE. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
