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Crompton 3QFY01 net loss at Rs 371 m - Views on News from Equitymaster
 
 
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  • Jan 22, 2001

    Crompton 3QFY01 net loss at Rs 371 m

    Crompton Greaves Limited has reported a net loss of Rs 371 m in the quarter ended December 31, 2000. This loss is however, lower compared to a loss of Rs 406 m in the corresponding quarter for the previous year. Sales declined 11% to Rs 3,294 m in 3QFY01.

    (Rs m) 3QFY00 3QFY01 Change 9m FY00 9m FY01 Change
    Net Sales Turnover 3,718 3,294 -11.4% 10,150 8,663 -14.7%
    Other income 85 19 -77.4% 105 1,028 881.9%
    Profit after Tax/(Loss) -406 -371 - -1,194 -868 -
    Net profit margin (%) -10.9% -11.3%   -11.8% -10.0%  
    No. of Shares (eoy) (m) 52.2 52.2   52.2 52.2  
    Earnings per share*       -30.5 -22.2  
    *(annualised)            

    Other income for the quarter ended December 31, 2000 stood at Rs 19 m as against Rs 85 m in 3QFY00. In 3QFY01, Crompton reported an extraordinary income of Rs 227 m, being the net surplus on transfer of businesses of low-tension control gear unit and Fax-email. The company also completed the transaction for sale of its low-tension control gear unit situated at Nashik and has divested its shareholding in CG Powerware Limited.

    On a nine month consolidated basis, Crompton managed to curtail its losses to Rs 868 m (from a net loss of Rs 1,194 m in nine months ended December 1999). But in this it was aided by a huge extraordinary income (for sale of Skycell Communications) of Rs 985 m.

    It is no surprise then, that the company's stock trades at Rs 29 currently, which is near its 52 week low. Going by the performance in 3QFY01, the stock is likely to go down even further in the short term.

     

     

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