CG Power & Industrial Solutions hits the roof after Q1 FY22 PAT turnaround to Rs 48 cr

CG Power & Industrial Solutions was locked in 5% upper-circuit at Rs 83.40 after consolidated net profit (from continuing operations) stood at Rs 48.29 crore in Q1 June 2021 (Q1 FY22) over a net loss of Rs 262.86 crore in Q1 June 2020 (Q1 FY21).

Consolidated revenue from operations surged 189.48% to Rs 1,050.04 crore in Q1 FY22 from Rs 362.73 crore in Q1 FY21. Pre-tax profit was at Rs 71.35 crore in Q1 FY22 as against a pre-tax loss of Rs 237.37 crore in Q1 FY21. EBITDA for Q1 FY22 stood at Rs 120 crore as compared to an EBITDA loss of Rs (41) crore in Q1 FY21. The Q1 earnings was declared after market hours yesterday, 2 August 2021.

The consolidated results include the performance of the operating Subsidiaries at USA (QEI Inc) and in Sweden, Germany and Netherlands (Drives and Automation Europe) whose operations were profitable and other non-operating and Holding subsidiaries - sales for the quarter were at Rs 1,050.04 crore and PBT was at Rs 71.35 crore.

During the quarter ended 30 June 2021, operations at the plants were impacted due to lock down and movement restrictions imposed in the wake of COVID-19 second wave. Capacity utilisation, Production and despatches were lower than normal level.

CG Power and Industrial Solutions is a global pioneering leader in the management and application of electrical energy. Its offerings include electrical products, systems and services for utilities, power generation and industries.

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