CG Power Faces Profit Dip Despite Impressive Sales Growth

CG Power and Industrial Solutions reported a 10% decline in consolidated profit after tax, reaching Rs 220 crore for the July-September 2024 quarter. Despite this, overall sales increased by 21% compared to the previous year. The order intake rose substantially by 42%, with a noticeable backlog increase.

CG Power and Industrial Solutions on Monday announced a nearly 10% drop in its consolidated profit after tax, amounting to Rs 220 crore, for the quarter ending in September 2024. The previous year's profit for the same period was Rs 244 crore.

Despite the decline in profits, the company's sales surged by 21%, hitting Rs 2,413 crore in comparison to Rs 2,002 crore during the same quarter in the previous fiscal year. The firm also reported a 42% increase in order intake, totaling Rs 3,302 crore. By the end of September, the unexecuted order backlog was noted to be Rs 7,965 crore, marking a 48% hike year-on-year.

These consolidated figures encompass the performance of subsidiaries within Sweden, Germany, and the Netherlands, as well as several others in India. On a standalone basis, CG Power's profit was Rs 223 crore, showing a decline from Rs 355 crore in the July-September period of FY24. The standalone sales for this period were Rs 2,270 crore, reflecting a growth of 19% compared to the previous year.

(With inputs from agencies.)