CG Power and Industrial Solutions Q4 profit dips 10% to Rs 234 cr

New Delhi: CG Power and Industrial Solutions on Monday reported 10 per cent dip in consolidated net profit to Rs 234 crore for March quarter FY24, mainly due to higher expenses.

Its net profit (from continuing operations) was Rs 260 crore in the quarter ended March 31, 2023, a regulatory filing said.

Total income rose to Rs 2,239.83 crore from Rs 1,917.05 crore in the year-ago period.

Total expenses also surged to Rs 1,932.80 crore from Rs 1,654.63 crore in the same period a year ago.

However, consolidated net profit (from continuing operations) rose to Rs 871 crore in fiscal 2023-24 from Rs 796 crore in 2022-23.

Total income in the fiscal increased to Rs 8,152.24 crore from Rs 7,040.30 crore a year ago.

The results include the performance of the operating subsidiaries in Sweden, Germany and the Netherlands (Drives and Automation Europe), CG Adhesives Products Ltd (India), CG Semi Pvt Ltd (India) and other non-operating and holding subsidiaries.

The company is an engineering conglomerate with a diverse portfolio of products, solutions and services for power and industrial equipment and solutions.