CG Power Reports Q2 Profit at Rs 219.63 Cr

Chennai, Oct 22 (PTI) CG Power and Industrial Solutions Ltd has reported a consolidated profit after tax at Rs 219.63 crore for the July-September 2024 quarter, the company said.
The consolidated profit after tax stood at Rs 242.29 crore during the corresponding quarter of last financial year, CG Power and Industrial Solutions said in a company statement on Tuesday.
The consolidated profit after tax for the half-year period ending September 30, 2024 grew to Rs 460.87 crore, from Rs 446.13 crore registered in the same period of last financial year.
The consolidated total income during the quarter under review surged to Rs 2,441.79 crore, from Rs 2,018.96 crore registered in the same quarter of last year.
For the half year ending September 30, 2024 the consolidated total income rose to Rs 4,699.75 crore, from Rs 3,909.84 crore registered in the year ago period.
In a statement on Tuesday, the company said the consolidated results include the performance of the operating subsidiaries in Sweden, Germany and Netherlands (Drives and Automation Europe), CG Adhesives Products Ltd (India), CG Semi Pvt Ltd (India), G G Tronics India Pvt Ltd and other non-operating and holding subsidiaries.
The aggregate sales registered during the quarter under review were up by 21 per cent to Rs 2,413 crore while free cash flow generated for the quarter (July-September 2024) was Rs 223 crore.
The order intake for the second quarter ending September 30, 2024 was Rs 3,302 crore registering a 42 per cent year-on-year growth while the unexecuted order backlog as on September 30, 2024 was Rs 7,965 crore, which was 48 per cent higher than the same period of last year.
The Board of Directors at its meeting on October 21 approved the capacity expansion from 25,000 MVA to 35,000 MVA for power transformers with an investment of Rs 27 crore, which would increase total capacity to 40,000 MVA.
The expansion is proposed considering the expected increase in demand for the transformers and to be implemented along with other expansion projects, the company said.
During the July-September 2024 quarter, the company said it completed the acquisition of G G Tronics India Pvt Ltd by picking up 55 per cent stake for an aggregate consideration of Rs 319 crore.
G G Tronics India Pvt Ltd has bagged a developmental order of Rs 4 crore towards Locomotive Train Collision avoidance system (KAVACH) and it is expected to be completed in 9-10 months.
During the quarter under review, CG Power and Industrial Solutions entered into a definitive agreement with Renesas for acquisition of its Radio Frequency Components business, marking its foray into the semiconductor design at a consideration of about USD 36 million.
The said business will be acquired by entities that will be established by the company, post completion of customary conditions and applicable regulatory approvals, the company said.