Home » Business, Latest » Crompton Greaves Q1 net drops 30%

Mumbai – Mumbai-based transformer and switchgear products manufacturer Crompton Greaves Ltd. reported a higher stand-alone net profit for the first-quarter on increased income.

Crompton GreavesThe company’s first-quarter consolidated profit fell 30.06% from a year ago. It earned a profit of Rs 600.8 million on consolidated basis for the quarter ended June 30, 2013, compared with Rs 859 million, a year ago.

Crompton Greaves Ltd. reports net income was Rs.1,819.42 crore, up by ten percent from Rs.1,659.17 crore for the same period last year, while other income amounted to Rs.29.83 crore, compared with Rs.18.07 crore in the corresponding quarter last year.

The company posted first-quarter consolidated net profit, after minority interest and share of associates, of Rs.60.08 crore, while the same was at Rs.85.90 crore in the corresponding quarter in the preceding year.

Crompton Greaves said that, “Q1 June 2013 results include the results of the subsidiaries acquired during the last year i.e. ZIV Group in Spain. Consequently, figures for the quarter are not comparable with corresponding quarter last year.”

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