A better operating performance and revenue growth helped CG Power and Industrial Solutions Ltd more than double its standalone PAT (profit after tax) at Rs 240 crore in the quarter ended March 31, 2023, compared with Rs 109 crore in the same quarter last year.

Part of the Murugappa group, the company’s profit before exceptional items and tax stood at Rs 252 crore as against Rs 131 crore,

Its revenue from operations grew 27 per cent to Rs 1,788 crore (Rs 1,407 crore) in the quarter under review.

Revenue of the industrial systems business grew to Rs 1,196 crore (Rs 960 crore), while the power systems business’ revenue increased to Rs 593 crore (Rs 448 crore).

Also read: Murugappa Group’s CG Power charts ₹230-cr capacity expansion

For the year ended March 31, 2023, PAT grew to Rs 785 crore from Rs 627 crore in FY22, while revenue was at Rs 6,580 crore, as against Rs 5,159 crore.

The company has redeemed NCDs of Rs 200 crore in the year ended March 31, 2023,

On a consolidated basis, the company’s PAT stood at Rs 426 crore for FY23, compared with Rs 112 crore in FY22. Consolidated revenue grew to Rs 6,973 crore from Rs 5,484 crore.

Also read: CG Power lenders give nod for debt restructuring, pave way for takeover by Murugappa group

The company is to divest its investment in a wholly-owned subsidiary, QEI LLC, and has engaged a third-party to find suitable buyers, it said in a communique to the stock exchanges.

As of March 31, 2023, it has de-consolidated one of its subsidiaries in respect of which it has received a liquidation order. As a consequence, Rs 173.31 crore has been credited to the profit and loss account under discontinuation operations.

Its shares climbed 1.96 per cent to Rs 308 a share on the BSE during the first-half of Monday. On the NSE, the company’s shares climbed 1.46 per cent to ₹310 a share.

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