IANS | 21 Oct, 2023
The Murugappa Group company, CG Power and Industrial Solutions
Limited on Friday said it has logged a net profit of Rs 355.24 crore for
the second quarter of FY24.
The company also said it has chalked out capacity expansion of its different product lines at an outlay of Rs 221 crore.
In
a regulatory filing, the company said for the quarter ended that
September 30 it has posted an operational revenue of Rs 1,900.14 crore
(Q2FY23 Rs 1,588.05 crore) and a net profit of Rs 355.24 crore (Rs
177.45 crore).
The company’s Board also approved expansion of
manufacturing capacity of: a) Switchgears at its plant in Nashik at Rs
155 crore; (b) Power Transformers at Bhopal at Rs 31 crore (for addition
of 10,000 MVA capacity) and (c) Large Industrial Machines at Bhopal at
Rs 35 crore.
The company said the capex will be met from internal accruals.
According
to CG Power, in August 2023, the company and JC Flowers Asset
Reconstruction Company (JCFARC) (to which Yes Bank has assigned its
stressed loans) entered into a Settlement Agreement for the pending
litigations on the company, making a payment of Rs 42 crore.
JCFARC
will unconditionally withdraw all the cases pending and initiated and
the company will be fully discharged from all the obligations
