CG Power and Industrial Solutions net profit up 37% to Rs 244 crore in Q2

New Delhi: CG Power and Industrial Solutions on Friday posted a 37 per cent growth in consolidated net profit to Rs 244 crore in the September quarter, mainly on the back of higher revenues.

The company's profit was at Rs 178 crore in the quarter ended September 30, 2022, a BSE filing said.

Total sales of the company increased to Rs 2,002 crore during the quarter under review from Rs 1,675 crore in the same period a year ago.

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

According to the filing, the company's Board of Directors on Friday approved a proposal to expand the manufacturing capacity of switchgears at its Nashik plant with the investment of Rs 155 crore, power transformers in Bhopal with an allocation of Rs 31 crore (for addition of 10,000 MVA capacity) and HT Motors in Bhopal at Rs 35 crore.

Shares of the company rose 3.69 per cent to close at Rs 394.35 on the BSE.