CG Power and Industrial Solutions reports standalone Q2 net at Rs 93.67 cr

Chennai, Oct 22 (PTI): CG Power and Industrial Solutions Ltd, part of the diversified conglomerate Murugappa Group has reported a standalone net profit at Rs 93.67 crore for the quarter ending September 30, 2021.

The company had reported standalone net loss at Rs 134.90 crore during corresponding quarter previous year, CG Power and Industrial Solutions said in a company statement here on Friday.

For the six month period ending September 30, 2021 standalone profit stood at Rs 138.19 crore as against Rs 556.65 crore registered in the same period last fiscal.

The standalone total income for the quarter under review grew to Rs 1,367.01 crore from Rs 575.17 crore registered a year ago.

For the six month period, standalone total income stood at Rs 2,335.60 crore as against Rs 818.86 registered in the same period last fiscal.

In a statement, CG Power and Industrial Solutions Ltd said the company had the benefit of uninterrupted working during the second quarter and all the businesses have performed satisfactorily, improving capacity utilization.

''Sales for the quarter (under review) was at Rs 1,352 crore, the highest in the last 10 quarters and the profit before tax was at Rs 137 crore, again, the highest recorded in the last 20 quarters,'' the company said.

The company said during the quarter ending September 30, 2021 the higher prices of key metals -- copper, aluminium continue to impact the margins and the free cash flow generation for the quarter stands at Rs 111 crore. The subsidiaries operating in the United States, Sweden, Germany and Netherlands were 'profitable', the company said.

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