Crompton Greaves Announces Q4 Results, Reports Strong Sales & Solid Order Intake

Avantha Group Company CG reported its audited financial results for the 4th quarter and year ended March 31, 2013.

Consolidated Performance Highlights- 4th Quarter FY 2013

• Q4 FY13 Orders Received Rs. 2,983 crores, up by 32% over Q3 FY2013
• Q4 FY13 Revenue at Rs. 3,387 crores, up by 14% Q3 FY2013
• Net Profit at Rs. 25 crores for Q4 FY13, as compared to loss of Rs. 189 crores Q3 FY2013
• Consolidated order backlog of Rs. 9,126 cr as on March 31, 2013

Consolidated Performance Highlights- Financial Year 2013

• FY13 Orders Received (For Power and Industrial) Rs. 10,544 crores, up by 3% over last year
• FY13 Revenue at Rs. 12,094 crores, up by 8% over last year
• CG has declared a final dividend of 20 % amounting to Rs 0.40 per share for the financial year ended 31st March 2013.

Despite tough market conditions CG recorded a strong order intake and sales performance. In India, orders were driven by Industrial and Consumer activities, reporting growth of 20% and 22% respectively. International operations benefited from the successful market penetration in fast growing geographies like Middle East and Africa (Order intake Rs. 1,753 Cr, +230% y-o-y) and Latin America (Order intake Rs. 367 cr, +190% y-o-y).

Profitability of the business was impacted by restructuring of Power Transformers activity in Europe. The restructuring of Belgium operations has been completed during the year. The new European manufacturing platform in Hungary was scaled up as planned.

CEO and Managing Director, Laurent Demortier of Avantha Group Company CG said “2012-13 has been a year of transition for CG. The growth has enabled necessary structural changes to face new market conditions. Several new high-value adding activities have been launched (UHV, Power electronics, automation). We are now focused on penetrating high growth potential geographies by leveraging our cost effective manufacturing hub in India.”