Crompton Greaves, on a stand-alone basis, reported a 29 per cent drop in net profit at Rs 112 crore for the quarter ended September 30, as against Rs 158 crore logged in the same period last year, primarily on account of higher raw material and employee cost.
Net sales were up marginally at Rs 1,451 crore (Rs 1,445 crore).
The board of directors has approved an interim dividend of Rs 0.80 per share (face value Rs 2).
On a consolidated basis, net profit was Rs 117 crore (Rs 214 crore) and net sales Rs 2,705 crore (Rs 2,398 crore).
The company said the current period includes 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 that of the previous period.
Mr Laurent Demortier, Chief Executive Officer and Managing Director, said: “In a challenging global business environment we are pleased to see that our latest innovated products such as wind farm offshore connection, solar distribution transformer and high voltage motors and equipment have been well received by customers globally.
On Wednesday, the company scrip on BSE lost 12.23 per cent to close at Rs 143.90.