Significant erosion in margins of power and industrial systems saw Crompton Greaves consolidated net profit drop 67 per cent to Rs 77 crore for the third quarter ended December 31, 2011, compared with Rs 233 crore logged in same period last year.
However, net sales rose 26 per cent to Rs 3,028 crore (Rs 2,397 crore). Total expenditure rose 38 per cent to Rs 2,908 crore (Rs 2,104 crore). Raw material cost was up 16 per cent at Rs 1,396 crore( Rs 1,198 crore).
Employee costs went up 30 per cent to Rs 392 crore (Rs 301 crore), while other operating expenses contributed to the rest.
Power systems revenue for the quarter was Rs 2,069 crore (Rs 1,545 crore) PBIT was down to Rs 52 crore (Rs 201 crore). Industrial systems revenue too was higher at Rs 475 crore (Rs 381 crore), while PBIT stood at Rs 49 crore (Rs 69 crore).
The company said the current period included the results of the subsidiaries acquired during the period, specifically Emotron in Sweden and QEI in the US. Consequently, figures for the current period are not comparable with the figures of the corresponding previous periods and figures for the previous periods / year have been regrouped and reclassified, wherever necessary.
On Tuesday, the company scrip on BSE closed marginally down at Rs 133.20.