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Crompton Greaves: Restructuring cost hurts
Jan 31, 2013

Crompton Greaves has announced its December quarter results. The company has reported 1.9% YoY decline in topline with a net loss of Rs 1.89 bn during the quarter. Here is our analysis of the results.

Performance summary
  • Consolidated topline declines by about 1.9% YoY during the quarter. The fall has come in on the back of about 9.9% YoY decline in power systems segment. Revenues from industrial systems segment also declined 4.9% YoY. However, revenues from consumer products business increased 20.6% YoY.
  • Operating margins contract to 0.1% during the quarter compared to 6.0% in 3QFY12. Margins fell considerably due to restructuring cost associated with the company's facility in Belgium. Due to downsizing the company recorded a liability of Rs 1.2 bn as retrenchment compensation (treated as exceptional item) while other restructuring cost aggregated to Rs 1.08 bn.
  • Amidst dismal performance at the operating level, the company reported a net loss of Rs 1.89 bn during the quarter.
  • The unexecuted order book stood at Rs 92.3 bn. The company registered an order inflow of approximately Rs 22 bn during the quarter.
  • The current quarter results are not fully comparable as the result of a subsidiary company, ZIV Group, acquired during the period, gets consolidated into the accounts in this quarter.

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