The board of directors in today's meeting approved the demerger of its consumer products business unit into wholly owned subsidiary Crompton Consumer Products, which will be effective from April 1, 2015.
Crompton Greaves missed street expectations on every parameter with the second quarter consolidated net profit rising 19 percent year-on-year to Rs 69.6 crore. Profit in the year-ago period was Rs 58.41 crore.
According to the average of estimates of analysts polled by CNBC-TV18, profit was expected at Rs 80.2 crore on revenue of Rs 3,508 crore for the quarter.
Consolidated net sales grew by 5.8 percent to Rs 3,430.3 crore in the quarter ended September 2014 compared to Rs 3,241.35 crore in corresponding quarter of last fiscal.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased marginally to Rs 168 crore from Rs 161 crore but margin declined to 4.9 percent from 5 percent during the same period. Analysts had expected both at Rs 181 crore and 5.2 percent, respectively.
Power systems business grew by 4.7 percent year-on-year to Rs 2,137.81 crore while revenue from consumer products jumped 10.6 percent to Rs 743.09 crore and industrial systems division reported a 3.3 percent growth at Rs 461.79 crore in the quarter ended September 2014.
Meanwhile, the board of directors in today's meeting approved the demerger of its consumer products business unit into wholly owned subsidiary Crompton Consumer Products, which will be effective from April 1, 2015.
The board also approved an increase in the investment limit for foreign institutional investors and foreign portfolio investors upto 100 percent of the paid up equity share capital of the company. As of September 2014, the FII shareholding in the company is approximately 15.93 percent.
Even the sell of portion of Kanjurmarg land parcel to Evie Realty was approved by the board. "The board of the company has approved entering into a definitive agreement for sale of a portion of its land parcel at Kanjurmarg, admeasuring approximately 8 acres to Evie Real Estate Private Limited for an aggregate sum of Rs 302.26 crore," the company explained.
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