Crompton Greaves bleeds heavily on D-Street owing to Q3FY16 results
DSIJ Intelligence / 03 Feb 2016
Crompton Greaves declared its Q3FY16 results. It demerged its consumer business on October 1, 2015. The company's revenue declined by 37.96 per cent to Rs 2068 crore in Q3FY16 as compared to same period in previous fiscal year.
Crompton Greaves declared its Q3FY16 results. It demerged its consumer business on October 1, 2015. The company's revenue declined by 37.96 per cent to Rs 2068 crore in Q3FY16 as compared to same period in previous fiscal year. Its total expenditure decreased by 35.27 per cent to Rs 2059 crore in Q3FY16 on a yearly basis.
Crompton Greaves' EBITDA dwindled by 94.35 per cent to Rs 8.58 crore in Q3FY16 as compared to same period in previous financial year. The company's EBITDA margin contracted by 414 basis points to 0.41 per cent in Q3FY16 on a yearly basis. Its interest expense reduced by 47.33 per cent to Rs 14.7 crore in Q3FY16. The company witnessed exceptional gain of Rs 21 crore in Q4FY16 against Rs 268 crore from sale of land during Q3FY15. Crompton Greaves reported net loss of Rs 74.83 crore in Q3FY16 against net profit of Rs 274 crore in Q3FY15.
Considering segmental revenue front, Crompton Greaves' earned 76.89 per cent from Power System segment; 22.94 per cent from Industrial systems; and remaining 0.17 per cent from others segment during December 2015 quarter.
On nine months financials, Crompton Greaves' revenue declined by 12.68 per cent to Rs 6370 crore in 9MFY16 as compared to same period in previous fiscal year. The company's EBITDA too decreased by 75.95 per cent to Rs 61 crore in 9MFY16 on a yearly basis. It posted net loss of Rs 39 crore in 9MFY16 against net profit of Rs 408 crore in Q3FY15. Crompton's consolidated net debt improved to Rs 900 crore as of Q3FY16 from Rs 1900 crore as of FY15.
The share price of Crompton Greaves declined by 28.46 per cent on bourses in early trades; and is trading at Rs 131.4 on an intraday basis.
Crompton Greaves is an India-based electrical company. The company provides end-to-end solutions to utilities, industries and consumers for the management and application of electrical energy. It provides services, such as retrofit and maintenance solution; measurement and diagnostics of electrical systems; field services! spare parts sales; training related services, condition monitoring and training modules for maintenance, amongst others.
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