CG Power and Industrial Solutions Ltd reported an 11 per cent drop in its standalone profit after tax at ₹216 crore for the quarter ended December 31, 2023, compared with ₹243 crore in the year-ago quarter, which was boosted by an exceptional income of ₹51 crore, .
However, profit before exceptional items and tax stood at ₹282 crore as against ₹274 crore.
Its revenue from operations grew 13 per cent at ₹1,860 crore as against ₹1,645 crore. EBITDA grew marginally to ₹301 crore as against ₹295 crore, according to a statement.
The Board at its meeting held on January 23, 2024, declared an interim dividend of ₹1.30 per equity share.
In the December 2023 quarter, the company received the order for dissolution of one of the company’s wholly-owned subsidiaries i.e. CG Power Solutions Ltd from the National Company Law Tribunal. Based on the said order from NCLT, the company has given necessary effects in consolidated financial results for the quarter ended December 31, 2023.
On a consolidated basis, the company’s PAT declined by 16 per cent to ₹197 crore in the December 2023 quarter, compared with ₹233 crore in the year-ago quarter. However, revenue grew by 13 per cent at ₹1,979 crore as against ₹1,753 crore.