Board of CG Power and Industrial Solutions gives nod for capacity expansion in MP.

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.

ET