Latest News | Board of CG Power and Industrial Solutions Gives Nod for Capacity Expansion in MP
Get latest articles and stories on Latest News at LatestLY. The board of CG Power and Industrial Solutions has approved the expansion of the manufacturing capacity of transformers at two of its facilities in Madhya Pradesh at an outlay of Rs 126 crore, the company said on Wednesday.
Chennai, Jan 25 (PTI) The board of CG Power and Industrial Solutions has approved the expansion of the manufacturing capacity of transformers at two of its facilities in Madhya Pradesh at an outlay of Rs 126 crore, the company said on Wednesday.
The company pre-redeemed Non-convertible Debentures worth Rs 200 crore, post which it has become debt free, CG Power and Industrial Solutions said.
The company in a statement here declared its financial performance for the October-December 2022 quarter with a profit after tax at Rs 227.86 crore during the quarter under review as compared to Rs 545.06 crore registered in corresponding period of previous year.
For the nine month period ending December 31, 2022 the consolidated PAT stood at Rs 536.76 crore as against Rs 801.42 crore registered same period of last year.
"The Board of directors have approved a proposal to expand the manufacturing capacity of transformers at its plants in Bhopal and Malanpur with an investment of Rs 126 crore," the company said. The consolidated total income grew to Rs 1,809.95 crore from Rs 1,558.89 crore registered last year.
For the nine month period ending December 31, 2022 the consolidated total income increased to Rs 5,191.45 crore from Rs 4,088.27 crore registered in corresponding period of last fiscal.
CG Power said the consolidated results include the performance of the operating subsidiaries at USA, QEI Inc and in Sweden, Germany and Netherlands and other non-operating and holding subsidiaries.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)