Press release from Business Wire India
Source: Crompton Greaves Ltd
Tuesday, August 06, 2013 07:46 PM IST (02:16 PM GMT)
Editors: General: Economy; Business: All, Business services, Construction, Electronic appliances & components, Energy companies, Financial Analyst, Healthcare, biotechnology & pharmaceutical, Heavy industries, Major diversified industrial groups, Stock exchanges; Technology
CG Announces Q1 FY 14 Results – Strong Sales and Recovery of International Operations
Mumbai, Maharashtra, India, Tuesday, August 06, 2013 — (Business Wire India) — Avantha Group Company CG today announced its financial results for the first quarter ended June 30, 2013.
Performance Highlights- Q1 FY 2014
— Q1 FY14 – received orders worth Rs. 2441 crores
— Backlog orders at a record high – Rs. 9771 crores
— Q1 FY14 Revenues up by 12.3% over Q1 FY13 – Rs. 3157 crores
— EBITDA at 4.6% doubles over Q4 FY13
— PAT Rs. 60 crores for Q1 FY14 vs Rs. 25 crores in Q4 FY13
Highlights of Q1 FY 2014
— Power business back to profitability reflecting improvement in performance in Belgium and Hungary
— Restructuring operations in Belgium completed and savings realized
— Bagged contract from Power Grid Corporation of India (PGCIL) for 765 kV Power Transformer valued at Rs 231.7 crores
— Sustained orders from Railway segment in India received orders worth Rs. 176 crores
— Successful exports of energy efficient motors from India
CEO and Managing Director, Laurent Demortier of Avantha Group Company CG said, “Q1 FY14 has been an encouraging quarter for CG, despite a challenging market environment. The strategic alignment in our POWER Transmission business in Belgium and Hungary has started to take shape and is on the path to recovery. The overall savings program across businesses and regions is on track. The performance of all our businesses in India, have shown significant improvement.”
About Avantha Group Company CG
CG is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into four business groups: Power, Industrial, Automation and Consumer. CG clocks US$ 2.3 billion in revenues from product lines that cover the entire value chain of engineering offerings.
For more information on CG, please visit: www.cgglobal.com.
The US$4bn Avantha Group is one of India’s leading business conglomerates. Its successful entities include BILT, Crompton Greaves, The Global Green Company, Avantha Power & Infrastructure, Solaris ChemTech Industries, Biltech Building Elements, Salient Business Solutions and Avantha Technologies. With a global footprint, the Group operates in 90 countries with more than 25,000 employees worldwide. The Group has business interests in diverse areas including power transmission and distribution equipment and services, paper and pulp, energy and infrastructure, food processing, farm forestry, insurance, chemicals, IT and ITES. Led by Gautam Thapar, Avantha demonstrates strong leadership globally and emerges as a focused corporate, leveraging its knowledge, leadership and operations, adding lasting value for its stakeholders and investors.
For more information on Avantha, please visit www.avanthagroup.com.
Ms. Paula Sengupta, Global Head – Corp. Comms., Crompton Greaves Ltd (CG), +91 22 24237516 / 67558771, [email protected]
Mrs. Shravani Dang, Group Head Corp. Comms, Vice President – Avantha Group, +91 124 4099436, [email protected]
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