CG Power shares jump 7%, hit record high following Q4 results

Shares of CG Power and Industrial Solutions on Tuesday hit an all-time high after the company posted its financial results for the quarter that ended on March 31, 2024.

In the intraday trade, the stock rose as much as 7% to a lifetime high of ₹585. At 11:25 am, the scrip was trading at ₹569, up 4.3%, on the National Stock Exchange.

The company's consolidated revenue for Q4 FY24 rose 15% to ₹2,191 crore from ₹1,902 crore in the same period last year, which contributed to an increase in share prices.

However, a 10% dip was reported in consolidated net profit (from continuing operations) to ₹233.8 crore for the March quarter of FY24, mainly due to higher expenses. Its net profit was ₹260 crore in the year-ago period, a regulatory filing said.

CG Power Q4 Results: Key metrics

Total income rose to ₹2,239.83 crore from ₹1,917.05 crore in the year-ago period. Total expenses also jumped to ₹1,932.80 crore from ₹1,654.63 crore in the same period a year ago.

However, consolidated net profit (from continuing operations) rose to ₹871 crore in fiscal 2023-24 from ₹796 crore in 2022-23.

Total income in the fiscal increased to ₹8,152.24 crore from ₹7,040.30 crore a year ago.

The results include the performance of the operating subsidiaries in Sweden, Germany and the Netherlands (Drives and Automation Europe), CG Adhesives Products Ltd (India), CG Semi Pvt Ltd (India) and other non-operating and holding subsidiaries.

The company is an engineering conglomerate with a diverse portfolio of products, solutions and services for power and industrial equipment and solutions.

With PTI inputs