CG Power posts Rs 294 cr profit in March quarter

CG Power and Industrial Solutions on Friday posted a consolidated net profit of Rs 294.13 for March quarter 2020-21 on the back of higher revenues.

The company had reported a loss of Rs 288.06 crore in the year-ago period, a BSE filing said.

Total income rose to Rs 1,134.58 crore in the quarter from Rs 636.67 crore in the same period a year ago. The consolidated net loss of the company narrowed to Rs 393.97 crore in 2020-21 from Rs 2,166.94 crore in the previous year.

Total income in the fiscal year stood at Rs 3,065.87 crore compared to Rs 5,158.01 crore in 2019-20.

In preparation of the financial results, assessment of the recoverable value of its assets based on the internal and external information considers impact of COVID-19 and current indicators of future economic conditions.

CG Power said there was no material impact of COVID-19 on the company.

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