CG Power and Industrial board approves manufacturing capacities expansion

The Board of CG Power and Industrial Solutions Ltd has given its consent to expand the manufacturing capacities of motors at its facilities, the company said on Tuesday.

The manufacturing units located at Ahmednagar and Goa would be taken up for expansion at an outlay of Rs 230 crore and for transformers at its plants in Bhopal and Malanpur at an investment of Rs 126 crore, the company part of the diversified conglomerate Murugappa Group said.

Meanwhile CG Power and Industrial Solutions Ltd said it has reported a consolidated profit after tax for the quarter ending March 31, 2023 at Rs 426.22 crore.

 

The company had registered consolidated profit after tax at Rs 111.65 crore registered in same period of last year.

For the year ending March 31, 2023 the consolidated PAT stood at Rs 962.97 crore as compared to Rs 913.07 crore registered in same period of last year.

Total income on consolidated basis grew to Rs 1,917.05 crore for the year ending March 31, 2023 from Rs 1,492.77 crore registered year ago.

For the year ending March 31, 2023 the consolidated total income went up to Rs 7,040.30 crore from Rs 5,521.10 crore recorded last year.

In a statement, the company said FY 2022-23 was another record breaking year and the company built on its strength and delivered across financial and operational parameters.

The company achieved several landmarks including highest ever sales were clocked by motors and railways division each, highest ever order booking for transformer division.

The company declared and paid interim dividend (including special dividend of Rs 229 crore 75 per cent of face value after a gap of seven years, the statement said.