CG Power Surges with Record Profit and Strategic Expansions

CG Power and Industrial Solutions Ltd reported a significant growth in profit and income for July-September 2024. The company announced strategic expansions and acquisitions, highlighting a 21% rise in sales, a 42% increase in order intake, and the acquisition of G G Tronics India. Expansion plans include an investment in transformer capacity.

CG Power and Industrial Solutions Ltd has recorded a consolidated profit after tax of Rs 219.63 crore for the July-September 2024 quarter, marking a crucial milestone for the company. This figure, however, shows a slight decrease from the Rs 242.29 crore in the same period last year.

Despite this dip in quarterly profit, the half-year profit ending September 30, 2024, rose to Rs 460.87 crore, an improvement from the Rs 446.13 crore reported last year. The company also reported a significant rise in consolidated total income, reaching Rs 2,441.79 crore, compared to Rs 2,018.96 crore during the previous year.

In strategic moves, CG Power announced a capacity expansion to meet an anticipated demand increase and completed a notable acquisition of a 55% stake in G G Tronics India Pvt Ltd. Additionally, a new agreement with Renesas signals the company's entry into the semiconductor design sector.

(With inputs from agencies.)