Crompton Greaves slumps after dismal Q3 numbers

Crompton Greaves slumped 22.77% to Rs 129.05 at 9:32 IST on BSE after the company reported consolidated net loss of Rs 107.03 crore in Q3 December 2015 as against net profit of Rs 274.29 crore in Q3 December 2014.

The result was announced after trading hours yesterday, 2 February 2016.

Meanwhile, the BSE Sensex was down 235.26 points, or 0.96%, to 24,303.74.

On BSE, so far 20.34 lakh shares were traded in the counter, compared with an average volume of 2.16 lakh shares in the past one quarter. The stock hit a high of Rs 152.80 so far during the day. The stock hit a low of Rs 127.65 so far during the day, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 203.50 on 5 January 2016. The stock had underperformed the market over the past one month till 2 February 2016, sliding 13.84% compared with 6.20% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 1.97% as against Sensex's 7.61% fall.

The large-cap company has an equity capital of Rs 125.35 crore. Face value per share is Rs 2.

Crompton Greaves' consolidated net sales declined 14.18% to Rs 2067.80 crore in Q3 December 2015 over Q3 December 2014.

In a separate announcement after trading hours yesterday, 2 February 2016, Crompton Greaves said that with effect from 3 February 2016, Laurent Demortler will be stepping down as the CEO and Managing Director of the company. From the same date, 3 February 2016, K. N Neelkant will take over as CEO and Managing Director of the company. From 1 April 2016, Madhav Acharya will join as a member of the Board of the company as Executive Director Finance in addition to being the CFO of the company. Norberto Santiago will remain as the CEO of the international Automation business and will report to the international board of the company.

Meanwhile, the company further added that its board of directors received a definitive offer for the purchase of selected power businesses in Europe, the USA and Indonesia. After due discussion and deliberation, the board decided not to accept the offer in its current form.

Crompton Greaves is a global pioneering leader in the management and application of electrical energy. It provides electrical products, systems and services for utilities, power generation and industries. The company is organised into three business groups: power, industrial, and automation.

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