CG Power records PAT of Rs 109 crore in Q4 FY22

CG Power and Industrial Solutions reported a standalone net profit of Rs 109 crore in Q4 FY22 as against a net profit of Rs 849 crore in Q4 FY21.

Aggregate sales during the quarter increased by 38% YoY to Rs 1,407 crore. On the segmental front, revenue from Industrial Systems was Rs 960 crore (up 30% YoY and that from Power Systems was Rs 448 crore (up 59% YoY).

EBITDA was Rs 165 crore in Q4 FY22 as compared with Rs 68 crore in Q4 FY21, up 142% YoY. EBITDA margin was 11.7% in Q4 FY22 as against 6.7% in Q4 FY21.

Profit before exceptional items and tax in Q4 FY22 stood at Rs 131 crore, which is significantly higher as compared with Rs 28 crore recorded in Q4 FY21.

In the quarter ended on 31 March 2021, the company had recorded an exceptional income of Rs 85 crore.

Consequently, profit before tax in the fourth quarter was Rs 131 crore, up by 16% from Rs 113 crore recorded in the same period last year.

The company wrote back current taxes amounting to Rs 21 crore and made a deferred tax provision of Rs 43 crore in Q4 FY22. It had written back deferred taxes aggregating to Rs 737 crore in Q4 FY21.

CG Power reported 9% fall in standalone net profit to Rs 627 crore in FY22 from Rs 689 crore in FY21. Aggregate sales for the year were at Rs 5,159 crore, recording a growth of 104% YoY.

Free cash flow generated for the year was Rs 392 crore.

CG Power and Industrial Solutions, part of the Murugappa group, has two segments - power systems and industrial systems. The power systems segment manufactures electrical products such as transformers, switchgear, and circuit breakers, which find application in power transmission. The industrial systems segment manufactures high- and low-tension rotating machines (motors and alternators), stampings, as well as railway transportation and signaling products.

CG Power was acquired by Tube Investments of India on 26 Nov 2020 and FY 2021-22 was the first full year of operations under the new management.

The scrip slumped 5.18% to end at Rs 187.60 on the BSE today.

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