CG Power Reports 21% Surge in Q1 Profit

CG Power and Industrial Solutions Ltd announced a 21% increase in standalone profit after tax, reaching Rs 232.13 crore for Q1 2024, compared to Rs 192.06 crore in the same period last year. The company's total standalone income for the quarter grew to Rs 2,139.76 crore, fueled by higher sales and improved margins.

CG Power and Industrial Solutions Ltd has reported a 21 percent increase in its standalone profit after tax, reaching Rs 232.13 crore for the April-June 2024 quarter. This marks a significant rise from the Rs 192.06 crore profit after tax in the same quarter last year.

The company, which is part of the diversified Murugappa Group, saw its standalone income for the quarter under review grow to Rs 2,139.76 crore, a jump from Rs 1,791.91 crore in the corresponding quarter of the previous year. For the financial year ending March 31, 2024, standalone total income stood at Rs 7,760.80 crore.

Aggregate sales for the quarter were reported at Rs 2,106 crore, reflecting a 19 percent year-on-year growth. The margins improved to 15.4 percent of sales due to higher realizations, a favorable product mix, and cost efficiencies in power systems. Additionally, the unexecuted order book as of June 30, 2024, was 44 percent higher at Rs 7,054 crore, compared to Rs 4,909 crore a year earlier.