 "CG Power & Industrial Solutions Q3 results: PAT falls 68% to Rs 237 cr")
CG Power and Industrial Solutions on Tuesday reported an over 68 per cent decline in its consolidated net profit at Rs 237.85 crore in December 2024 quarter on account of adjusted earnings from discontinued operations.
The company had reported a consolidated net profit of Rs 747.67 crore in the quarter ended December 2023.
According to the company's regulatory filing, a profit after tax of Rs 551.07 crore from discontinued operations had added to its consolidated earnings in the corresponding quarter a year ago.
In the latest third quarter, the profit from continuing operations at Rs 237.85 crore was 21 per cent higher from Rs 196.60 crore earnings recorded in the year-ago quarter.
Total income rose to Rs 2,549.28 crore in the reporting quarter from Rs 2,006.79 crore a year ago.
The company said its board has approved setting up of a transformer manufacturing unit of 45,000 MVA capacity in western India at an estimated cost of Rs 712 crore.
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The project will be primarily funded through internal accruals, equity or debt or a combination of it and is expected to be completed in FY28.
The board also approved the appointment of Mammen Chally as a non-executive independent director.
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