Crompton Greaves slips 7% on weak Q3 nos

Crompton Greaves has slipped 7% to Rs 124 after reporting a 67% year-on-year (y-o-y) drop in consolidated net profit at Rs 77 crore for the third quarter ended December 31, 2011, despite a 26% growth in net sales at Rs 3,028 crore on y-o-y basis.

Total expenditure rose 38% to Rs 2,908 crore (Rs 2,104 crore), while raw material cost was up 16% at Rs 1,396 crore (Rs 1,198 crore) during the recently concluded quarter.

The company said the current period included the results of the subsidiaries acquired during the period, specifically Emotron in Sweden and QEI in the US. Consequently, figures for the current period are not comparable with the figures of the corresponding previous periods and figures for the previous periods / year have been regrouped and reclassified, wherever necessary.

 A combined 200,000 shares have changed hands on the counter in opening deals on both the exchanges