Crompton Greaves bags order from Spanish firm Gas Natural Fenosa

Avantha Group Company Crompton Greaves (CGL) has won a Euro 17 million contract to supply ZIV single and three phase smart meters to Gas Natural Fenosa (GNF) and will be the main supplier for the utility. The order will reinforce CGL's leadership in the segment with the complete portfolio of products under advanced metering infrastructure that has become crucial in empowering both consumers and utilities in managing power distribution and consumption.

ZIV smart meters will cover a large part of the demand for domestic meters from GNF, having won the prestigious order of supplying 7.5 lakh single phase smart meters last year. In order to respond to the growing market demand with agility, CGL has already conducted an expansion and modernisation of its plant in Zamudio, Spain with new automatic assembly lines capable of producing over 2 million smart meters annually. ZIV's single phase smart meter model is nowadays the reference smart meter in the PRIME PLC market segment, after the deployment of almost 4Million ZIV units worldwide.

On the financial front, CGL's consolidated revenue declined by 8.01 per cent to Rs 3166 crore in Q1FY16 as compared to same period in previous fiscal year. The company's net profit dropped 75 per cent to Rs 16.01 crore in Q1FY16 on yearly basis.CGL's shareholding pattern indicates that FII holdings expanded by 29 basis points to 15.73 per cent and DII holdings expanded by 22 basis points to 31.19 per cent during June 2015 quarter. The share price of the company increased by 2.27 per cent on BSE and is trading at Rs 173.5 on intraday basis.

Gas Natural Fenosa is a leading multinational group in the energy sector and a pioneer in the integration of gas and electricity. The company is present in over 30 countries and has an installed capacity of 14.8 GW and a diversified mix of generation.

CGL provides end-to-end solutions to utilities, industries and consumers for the management and application of electrical energy. The company operates through four segments namely power systems, including transformer, switchgear, turnkey projects and power supervisory control and data acquisition systems (SCADA); consumer products, including fans, appliances, luminaries, light sources and pumps; industrial systems, including electric motors, alternators, drives, drives solutions, traction electronics and SCADA, and others, including power distribution, self-adhesive tapes and specialty labels. CGL also provides services, such as retrofit and maintenance solution, measurement and diagnostics of electrical systems, field services, spare parts sale, training related services, condition monitoring and training modules for maintenance, among others.