Moneycontrol Bureau
Crompton Greaves, the electrical energy solutions provider, turned profitable in the quarter ended June 2016 on account of strong revenue and operational growth in power as well as industrial systems. Consolidated profit from its continued operations stood at Rs 40 crore for the quarter against loss of Rs 63.7 crore in year-ago period.
"The loss from discontinued operations after tax stood at Rs 49.57 crore in Q1 against profit of Rs 1.47 crore in corresponding period of last fiscal and loss of Rs 223.8 crore in preceding period," the company said.
Revenue increased 38.6 percent to Rs 1,423.76 crore during the quarter compared with Rs 1,027.52 crore in same period last year.
Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) stood at Rs 120.5 crore in Q1 against loss of Rs 13.6 crore in year-ago period and margin at 8.5 percent.
Bottomline and operational numbers missed analysts' expectations while topline was in line. Profit was estimated at Rs 51 crore on revenue of Rs 1,428 crore for the quarter and EBITDA at Rs 130 crore with margin at 9 percent, according to average of estimates of analysts polled by CNBC-TV18.
Power systems business in Q1 grew by 86.7 percent year-on-year to Rs 702.53 crore with EBIT at Rs 75.55 crore (against loss of Rs 32.65 crore) while revenue from industrial systems rose by 11.4 percent to Rs 508.61 crore with EBIT growing 45 percent to Rs 39.45 crore.
Other income during the quarter declined 58.6 percent year-on-year to Rs 17.58 crore while finance cost doubled to Rs 30.7 crore.
At 15:16 hours IST, the scrip of Crompton Greaves was quoting at Rs 81.65, up Rs 1.25, or 1.55 percent on the BSE.
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