CG Power and Industrial Solutions clocks Q4 consolidated PAT at Rs 233.81 cr

Chennai: CG Power and Industrial Solutions Ltd has reported a consolidated profit after tax for the January-March 2024 quarter at Rs 233.81 crore.

The company, part of the diversified conglomerate Murugappa Group, had reported a profit after tax of Rs 426.22 in the corresponding quarter of the previous year. For the financial year ending March 31, 2024, the consolidated PAT grew to Rs 1,427.61 crore from Rs 962.97 crore registered in the same period last year.

The consolidated total income for the quarter ending March 31, 2024 grew to Rs 2,239.83 crore, from Rs 1,917.05 crore registered in the same period last year. For the year ending March 31, 2024, the consolidated total income surged to Rs 8,152.24 crore as against Rs 7,040.30 crore registered in the same period of last year.

In a statement, the company said it has paid an interim dividend of Rs 1.30 per equity share during the year ending March 31, 2024. During the quarter under review, CG Power and Industrial Solutions Ltd said it has incorporated a subsidiary CG Semi Private Ltd as on March 8, 2024 to set up an outsourced semiconductor assembly and test facility.

The estimated investment on the project over a period of five years is Rs 7,600 crore and the same is expected to be funded by a combination of government subsidies, equity contribution and potential bank borrowings as required. Renesas Electronics Corporation, Japan and Stars Microelectronics, Thailand are the technology and joint venture partners.

The company said FY 2023-24 was another record breaking year with outperformance across financial and operational parameters. "Switchgear and transformer business achieved highest ever sales, order input and profits. Railway business achieved highest ever sales..", the statement said.

The Board of Directors approved expansion on capital expenditure for its companies including Switchgears, Nashik, of Rs 155 crore, Power Transformers, Bhopal of Rs 31 crore and HT Motors, Bhopal of Rs 35 crore.

Total expansion capital expenditure approved till date is Rs 662 crore, it said.

Shares of the company were trading at Rs 569.65 a piece up by 4.12 per cent over previous close in BSE.