New Delhi: CG Power and Industrial Solutions Ltd announced that they have recorded a consolidated post-tax profit of Rs 219.63 crore for the quarter spanning July to September 2024, according to a company statement on Tuesday. The net profit for the same quarter of the previous fiscal year was Rs 242.29 crore while the net profit for the half-year ending September 30, 2024 increased to Rs 460.87 crore, up from Rs 446.13 crore in the previous fiscal year.
Total income in the quarter being reviewed has increased to Rs 2,441.79 crore from Rs 2,018.96 crore in the same quarter in 2023.
During the six months ending on September 30, the combined overall revenue increased to Rs 4,699.75 crore, up from Rs 3,909.84 crore reported in the previous year. The company further announced that the combined outcomes consist of the operations of its subsidiaries in Sweden, Germany, and the Netherlands (Drives and Automation Europe), CG Adhesives Products Ltd (India), CG Semi Pvt Ltd (India), G G Tronics India Pvt Ltd, as well as other non-operating and holding subsidiaries.
Sales for the quarter increased by 21 percent to Rs 2,413 crore, with free cash flow generated at Rs 223 crore during the July-September 2024 period. In the second quarter (Q2) ending, the order intake was Rs 3,302 crore, showing a 42 percent increase compared to the previous year. The unexecuted order backlog as of September 30, 2024 was Rs 7,965 crore, representing a 48 percent rise from the same period last year.
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The report also reveals that during a meeting, the Board of Directors agreed to increase the capacity of power transformers from 25,000 MVA to 35,000 MVA with an investment of Rs 27 crore. In the quarter from July to September 2024, the company announced the successful acquisition of G G Tronics India Pvt Ltd, purchasing a majority stake of 55 percent for a total of Rs 319 crore. G G Tronics India Pvt Ltd has secured a Rs 4 crore developmental order for the Locomotive Train Collision avoidance system (KAVACH) and is anticipated to finish in 9-10 months.
In the last quarter, CG Power and Industrial Solutions finalized a deal with Renesas to purchase its Radio Frequency Components division for approximately USD 36 million, marking its entrance into semiconductor design. The company stated that entities formed by them will acquire the business after meeting standard conditions and regulatory approvals.
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