CG Power and Industrial Solutions Q3 net profit falls 15% to Rs 197 crore

CG Power and Industrial Solutions on Tuesday reported a 15.45 per cent decline in its consolidated net profit to Rs 197 crore in the December quarter, as the company had an exceptional income in the year-ago period.

The company's consolidated net profit (from continuing operations) was Rs 233 crore a year ago, according to a regulatory filing.

The company said there was an exceptional income of about Rs 31 crore in the quarter ended on December 31, 2022, while there was no such adjustment in the same period of 2023.

Total income rose to Rs 2,006.79 crore in the third quarter from Rs 1,787.01 crore a year ago.

The company's consolidated results include the performance of the operating subsidiaries in Sweden, Germany and the Netherlands (drives and automation Europe), CG Adhesives Products Ltd. (India) and other non-operating and holding subsidiaries, the filing said.

In a meeting held on Tuesday, the company's board approved the payment of an interim dividend of Rs 1.30 per equity share, that is, 65 per cent on the face value of Rs 2 per share for financial year 2023-24.

In a statement, the company said that the unexecuted (standalone) order book as of December 31, 2023, was 34 per cent higher year-on-year at Rs 5,556 crore as against Rs 4,136 crore a year ago.