CG Power Q3 net dips 5.5%, revenue doubles

CG Power and Industrial Solutions Ltd., a Murugappa group firm, said standalone net profit for the third quarter shrank 5.5% to ₹360 crore from a year earlier. Revenue from operations more than doubled to ₹1,446 crore, it said in a filing.

CG Power said the results consisted exceptional items: profit on sale of land of ₹123.62 crore, reversal of provision made on land transaction towards penal charges payable ₹156.90 crore, other gains of ₹1.29 crore and provision related to claims under dispute/ litigation of ₹40 crore.

The firm said it had completed the long pending sale of land for a consideration of ₹402 crore including refund of security deposit, aiding prepayment of ₹363-crore debt.

The industrial systems unit reported aggregate sales of ₹1,017 crore, with a 102% growth and unexecuted order book of ₹1,667 crore, while the power systems division posted growth of 113% in aggregate sales to ₹430 crore. It had an unexecuted order book of ₹1,543 crore.

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