CG Power and Industrial clocks Q3 standalone PAT at Rs 216.47 crore

CG Power and Industrial Solutions Ltd has reported a standalone profit after tax of Rs 216.47 crore for the October-December 2023 quarter, the company said in a statement on Wednesday.

The company's standalone PAT for the corresponding quarter of last financial year was Rs 242.75 crore.

For the nine months ending on December 31, 2023, the company's standalone PAT grew to Rs 763.77 crore from Rs 545.13 crore registered during the same period of last year, the Murugappa Group company said in the statement.

During the quarter under review, the company realised that there was a weak demand for motors and took a strategic call to sell aggressively to retain their customers and protect its turf.

This strategy had an effect of margins dipping on one hand while simultaneously helping gain a market share on the other, the company said.

The standalone total income during the quarter under review went up to Rs 1,914.86 crore from Rs 1,680.30 crore registered in the corresponding period of the last fiscal.

For the nine months ending on December 31, 2023 the standalone total income was Rs 5,623.14 crore as against Rs 4,856.96 crore registered a year ago.

The Board of Directors in its meeting on January 23 has declared an interim dividend of Rs 1.30 per equity share.

The aggregate sales for the quarter ending December 31, 2023 were at Rs 1,860 crore recording a growth of 13 per cent year-on-year, while the unexecuted order book as on December 31, 2023 was at Rs 5,556 crore.

During the quarter under review, the company said that it has filed an application with the Ministry of Electronics and Information Technology, seeking approval to set up an outsourced semiconductor assembly and test facility.