Investors offloaded lot of equity shares of Crompton Greaves Wednesday following losses, provision for impairment of value of subsidiaries and slump in order inflow during December quarter. Even immediate step down of MD and CEO impacted the stock that crashed 28.5 percent intraday.
The Avantha Group company posted a consolidated loss of Rs 107 crore in Q3 due to lower revenue and weak operational performance. Profit stood at Rs 274.3 crore in year-ago period and Rs 52.14 crore in preceding quarter.
Revenue during the quarter declined 14 percent to Rs 2,067.8 crore compared to Rs 2,409.3 crore year-on-year, hit by power systems business that reported 19 percent decline in revenue and EBIT loss of Rs 38.4 crore (against earnings before interest & tax of Rs 29.5 crore Y-o-Y).
Crompton has an exceptional gain of Rs 30.08 crore in Q3, wherein provision of Rs 410 crore for loan given to subsidiaries (including loss on sale of Canadian operation) nearly offset profit Rs 426.15 crore on sale of land at Kanjurmarg, Mumbai and sale of investment (of Rs 13.93 crore) in CG Lucy Switchgear.
Read more at: Crompton cracks 28% on Q3 loss & provision, MD & CEO steps down - Moneycontrol.com
The Avantha Group company posted a consolidated loss of Rs 107 crore in Q3 due to lower revenue and weak operational performance. Profit stood at Rs 274.3 crore in year-ago period and Rs 52.14 crore in preceding quarter.
Revenue during the quarter declined 14 percent to Rs 2,067.8 crore compared to Rs 2,409.3 crore year-on-year, hit by power systems business that reported 19 percent decline in revenue and EBIT loss of Rs 38.4 crore (against earnings before interest & tax of Rs 29.5 crore Y-o-Y).
Crompton has an exceptional gain of Rs 30.08 crore in Q3, wherein provision of Rs 410 crore for loan given to subsidiaries (including loss on sale of Canadian operation) nearly offset profit Rs 426.15 crore on sale of land at Kanjurmarg, Mumbai and sale of investment (of Rs 13.93 crore) in CG Lucy Switchgear.
Read more at: Crompton cracks 28% on Q3 loss & provision, MD & CEO steps down - Moneycontrol.com
