CG Power and Industrial Solutions Q3 profit falls 58% to Rs 228 crore

CG Power and Industrial Solutions on Tuesday said its consolidated net profit declined 58 per cent to Rs 227.86 crore in December quarter 2022-23.

The company's net profit in the year-ago period was Rs 545.06 crore, according to a BSE filing.

Total income rose to Rs 1,809.95 crore in the quarter from Rs 1,558.89 crore in the same period a year ago.

Total expenses also increased to Rs 1,528.22 crore from Rs 1,385 crore in the same period of 2021-22.

The company's board has also approved a proposal to expand the manufacturing capacity of power transformer and distribution transformer units of the company at its plants in Malanpur and Bhopal at an investment of Rs 126 crore.

The proposed expansion would increase the capacity from 17,000 MVA to 25,000 MVA for power transformers and from 6,900 MVA to 9,900 MVA for distribution transformers.

The current capacity utilization is around 65 per cent. The expansion project is expected to be implemented within a period of 15 months and will be funded through internal accruals. The expansion is proposed considering the expected increase in demand for transformers, it stated.