Crompton Greaves Q2 profit up 19.14 pc at Rs 69.59 cr

Electrical equipment maker Crompton Greaves today reported an increase of 19.14 per cent in consolidated net profit at Rs 69.59 crore for the second quarter ended September 30, 2014.
The company had posted a profit of Rs 58.41 crore in the same period of previous fiscal.
Crompton Greaves's consolidated net sales increased 5.82 per cent to Rs 3,430.32 crore in the July-September 2014 quarter compared to Rs 3,241.35 crore during the same period a year ago.
For the first half of 2014-15 fiscal, Crompton Greaves profit increased 12.76 per cent to Rs 133.61 crore against Rs 118.49 crore in the year-ago period.

Crompton Greaves net sales in H1 period (April-September) increased 6.76 per cent to Rs 6,871.86 crore compared to Rs 6,436.14 crore in the same period last year.
Meanwhile, in a separate filing Crompton Greaves informed BSE that its board in a meeting held today declared an interim dividend of 20 per cent which is Rs 0.40 per share.

Moreover, the board also approved demerger of its consumer products business unit into a wholly owned arm, Crompton Consumer Products.
"The scheme of demerger of the consumer products business unit of the company into CG's wholly owned subsidiary Crompton Consumer Products Ltd was approved by the board. The scheme will come into effect from the appointed date April 1, 2015, subject to receipt of all regulatory approvals," the company informed.

Shares of the company today closed at Rs 188.70 per scrip on the BSE, down 8.18 per cent from their previous close.