Moneycontrol Bureau
Crompton Greaves disappointed street on Friday with the consolidated net profit sliding 75 percent year-on-year to Rs 16 crore, dented by power system business that posted a loss during April-June quarter. Forex gain failed to boost the bottomline.
Consolidated total income from operations fell 8 percent to Rs 3,165 crore compared to Rs 3,441.5 crore in the year-ago period. According to analysts polled by CNBC-TV18, profit was estimated at Rs 75.2 crore on revenue of Rs 3,460 crore for the quarter.
Crompton, which is in the business of management and application of electrical energy, earned other income of Rs 45.56 crore, about 47 percent higher over Rs 31.04 crore in the corresponding quarter of last fiscal. During the same period, forex gain shot up multi-fold to Rs 52.8 crore from Rs 7.5 crore.
Operating profit (earnings before interest, tax, depreciation and amortisation) plunged 54.3 percent year-on-year to Rs 79 crore and margin halved to 2.5 percent from 5 percent during the same period. Analysts had estimated operating profit at Rs 177 crore and margin at 5.1 percent for the quarter.
Tax expenses, too, were higher at Rs 65.30 crore from Rs 54.96 crore in the same period.
Consolidated revenue of its power system segment declined 19 percent on yearly basis to Rs 1,635.30 crore with EBIT loss (earnings before interest and tax) at Rs 71.7 crore (against profit of Rs 35.6 crore Y-o-Y) in the quarter ended June.
Consumer products business grew by 12.7 percent to Rs 970.82 crore with EBIT rising 28.6 percent and industrial systems showed 1.34 percent growth at Rs 458.66 crore with EBIT inching up 10.6 percent during the same period.
On standalone basis, profit of the company increased marginally to Rs 126.35 crore from Rs 125.93 crore but revenue dropped 3.4 percent to Rs 1,840.47 crore from Rs 1,905.09 crore year-on-year.
At 15:09 hours IST, the scrip of Crompton Greaves was quoting at Rs 182, down Rs 9.75, or 5.08 percent on the Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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