The company announced Q3 results after market hours on Tuesday, 29 January 2013.
Meanwhile, the BSE Sensex was up 48.60 points or 0.24% at 20,039.50.
On BSE, 13.31 lakh shares were traded in the counter as against average daily volume of 4.28 lakh shares in the past one quarter.
Also Read
The stock hit a low Rs 100 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 106.70 so far during the day. The stock had hit a 52-week high of Rs 167 on 17 February 2012.
The stock had underperformed the market over the past one month till 29 January 2013, sliding 6.01% compared with the Sensex's 2.81% rise. The scrip had also underperformed the market in past one quarter, declining 11.71% as against Sensex's 7.27% surge.
The mid-cap company has equity capital of Rs 128.30 crore. Face value per share is Rs 2.
Crompton Greaves' consolidated net sales declined 1.9% to Rs 2971.83 crore in Q3 December 2012 over Q3 December 2011.
The company said it has carried out right sizing of its operation in its facility at Mechelen, Belgium, Crompton Greaves said. The process has resulted in recognition of liability of Rs 120.71 crore with respect to employee costs which have been considered as exceptional item in Q3 December 2013, the company said. In addition, other restructuring related costs aggregating to Rs 108.07 crore were also identified and have been accounted under appropriate operating expense heads, Crompton Greaves said.
Crompton Greaves said it has changed its accounting policy effective 1 April 2012 in respect of goodwill arising on acquisition of businesses. The company would be doing an annual impairment testing for goodwill instead of the past practice of amortization. The management believes, this change in accounting policy aligns well with leading international practices and reflects enduring benefits to be derived from goodwill arising on acquisitions, Crompton Greaves said. Had the company not changed the accounting policy, depreciation and amortization for Q3 December 2012 and nine months ended 31 December 2012 would have been higher by Rs 18.82 crore and Rs 56.46 crore respectively and net profit would have been lower by the same amount, Crompton Greaves said.
Crompton Greaves is an engineering conglomerate with diverse portfolio of products, solutions and services ranging from high-end power and industrial equipments and solutions, to consumer products and home appliances.
Powered by Capital Market - Live News