The company which designs and manufactures a wide range of power and distribution transformers saw its sales rise 13% at Rs 2705.53 crore.
As the company continues to post a weak set of numbers even in the second quarter, the company stock dropped 9% at Rs 141.05 on the Bombay Stock Exchange after the company announced its results on Wednesday. In fact, the stock has shed more than 40% of its value since the first-quarter results in June.
Crompton Greaves has been facing the brunt of a slowdown in economic growth. It has lowered its revenue guidance to 12% from 15%. The stock market, too, has not been enthusiastic about the stock, following the depressing first-quarter results, which saw a 58 % drop in net profits, sale of shares by vice-chairman S M Trehan and the company’s decision to acquire a jet plane for Rs 270 crore.
Meanwhile, the company has said its Q2 numbers include results of the subsidiaries acquired during the period specifically Emotron in Sweden and QEI in the USA. Consequently, figures for the current period are not comparable with the figures of the previous period and figures for the previous period / year have been regrouped and reclassified, wherever necessary.
Crompton Greaves chief executive officer and managing director Laurent Demortier said, “In a challenging global business environment, we are pleased to see that our latest innovated products such as wind farm offshore connection, solar distribution transformer and high voltage motors and equipment have been well received by customers globally. Going forward, we will pursue our effort to reduce operation cost and expect our energy efficient products and solutions to support our planned growth prospect.”
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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