Press Release - CG Announces Q3 FY2013-14 Results
Mumbai, January 29, 2014: Avantha Group Company CG today announced its financial results for the third quarter ended December 31, 2013.
Consolidated Performance Highlights for Q3 FY14 v/s Q3FY13
- Net Sales up by 12.7% to Rs. 3,352 crore as against Rs 2,972 crore
- EBITDA without other income at Rs 167 crore as against Rs 2 crore
- Net profit stood at Rs 62 crore as against a Net loss of Rs 189 crore
The Consolidated Net Sales rose by 12.7% to Rs. 3,352 crore as against Rs. 2,972 crore in the same period of last year. Net Profit for the quarter stood at Rs.62 crore as against a Net Loss of Rs 189 crore in Q3FY13.
During the quarter, CG consolidated received orders worth Rs. 2,624 crore, this was up by 16% against Q3 last year. The order backlog as on December 31, 2013 stands at Rs. 10,074 crore.
The orders from Non-Indian operations rose by 47% during the quarter compared to the same period of last year. Driven by the smart grid business, the automation division witnessed a growth of 60% during the quarter as compared to the same period of the last fiscal.
In the first nine-months of the fiscal FY13-14, Consolidated Net Profit was at Rs 180 crore as compared to consolidated Net Loss of Rs 61.41 crore in the nine-months to December 31st 2012. Net Sales during the period was up by 11.5% to Rs 9,714 crore as against Rs 8,707 crore in the same period of FY12-13.
CEO and Managing Director, Laurent Demortier of Avantha Group Company CG said, “The third quarter performance was in line with our expectations. Despite a difficult market environment, we have been able to secure high quality orders across all regions. Operating margins have been steadily improving on account of cost-cutting measures and benefits of exports from India.”
Avantha Group Company CG is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into three business groups: Power, Industrial, and Consumer. CG clocks US$ 2.3 billion in revenue from product lines that cover the entire value chain of engineering offerings.
For more information on CG, please visit: www.cgglobal.com
The Rs. 25,000 crores (US$4bn) Avantha Group is one of India`s leading business conglomerates. Its successful entities in diversified sectors include Crompton Greaves (power transmission and distribution equipment and services), BILT (paper and pulp), The Global Green Company Limited (food processing), Biltech Building Elements Limited (infrastructure), Avantha Power (energy), Salient Business Solutions Limited (IT and ITES), Jg Glass (glass containers).
With a global footprint, the Group operates in 90 countries with more than 25,000 employees worldwide. Led by Gautam Thapar, Avantha demonstrates strong leadership globally and emerges as a focused corporate, leveraging its knowledge, leadership and operations, adding lasting value for its stakeholders and investors.
For more information on Avantha, please visit www.avanthagroup.com
For further information, please contact:
Ms. Paula Sengupta
Global Head – Communications
CG (Crompton Greaves Limited)
CG House, 10th floor
Worli, Mumbai 400 030, India
T: +91 22 24237516 / 67558771
Manager – Investor Relations
CG (Crompton Greaves Ltd )
Worli, Mumbai 400 030, India
T: +91 22 24237855