4 Feb 2016 07:00
CROMPTON GREAVES LD - 3rd Quarter ResultsCROMPTON GREAVES LD - 3rd Quarter Results
PR Newswire
London, February 4
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2015 | |||||||||||||||
(` in crore) | |||||||||||||||
Sr. No. | Particulars | Quarter ended | Nine months ended | Previous year ended | |||||||||||
31.12.2015 | 30.09.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.03.2015 | ||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||||||||
1 | Income from operations | ||||||||||||||
(a) Net Sales / Income from operations | 2067.80 | 2268.91 | 2409.34 | 6370.42 | 7295.21 | 9997.37 | |||||||||
(Net of excise duty) | |||||||||||||||
(b) Other operating income | - | - | - | - | - | - | |||||||||
Total income from operations (net) | 2067.80 | 2268.91 | 2409.34 | 6370.42 | 7295.21 | 9997.37 | |||||||||
2 | Expenses | ||||||||||||||
(a) Cost of materials consumed | 1317.86 | 1344.12 | 1730.27 | 4062.46 | 4663.66 | 6256.02 | |||||||||
(b) Purchases of stock-in-trade | 18.91 | 25.84 | 57.49 | 78.34 | 171.50 | 214.95 | |||||||||
(c) Changes in inventories of finished | |||||||||||||||
goods, work-in-progress and stock-in-trade | (7.45) | 99.75 | (169.15) | (19.61) | (47.63) | 115.53 | |||||||||
(d) Employee benefits expense | 397.48 | 420.17 | 431.29 | 1229.64 | 1326.62 | 1766.67 | |||||||||
(e) Depreciation and amortisation expense | 64.23 | 61.76 | 60.31 | 188.08 | 181.33 | 236.88 | |||||||||
(f) Other expenses | 332.42 | 291.27 | 296.75 | 956.21 | 969.57 | 1382.44 | |||||||||
Total expenses | 2123.45 | 2242.91 | 2406.96 | 6495.12 | 7265.05 | 9972.49 | |||||||||
3 | Profit / (loss) from operations before other income, finance costs, exchange gain / (loss) and exceptional items | ||||||||||||||
(55.65) | 26.00 | 2.38 | (124.70) | 30.16 | 24.88 | ||||||||||
4 | Other income | 19.72 | 17.57 | 27.08 | 79.29 | 117.04 | 136.51 | ||||||||
5 | Profit / (loss) from ordinary activities before finance costs, exchange gain / (loss) and exceptional items | (35.93) | 43.57 | 29.46 | (45.41) | 147.20 | 161.39 | ||||||||
6 | Finance costs (net) | 14.70 | 17.42 | 31.07 | 47.07 | 84.46 | 111.49 | ||||||||
7 | Profit / (loss) from ordinary activities after finance costs, but before exchange gain / (loss) and exceptional items | (50.63) | 26.15 | (1.61) | (92.48) | 62.74 | 49.90 | ||||||||
8 | Exchange gain / (loss) | (8.68) | 31.79 | (0.42) | 75.95 | (2.59) | (47.42) | ||||||||
9 | Exceptional items (net) - income / (loss) | 30.08 | (0.13) | 267.54 | 28.85 | 267.54 | 90.38 | ||||||||
10 | Profit / (loss) from ordinary activities before tax | (29.23) | 57.81 | 265.51 | 12.32 | 327.69 | 92.86 | ||||||||
11 | Tax expense | 45.92 | 35.74 | 48.86 | 106.98 | 97.30 | 79.73 | ||||||||
12 | Net profit / (loss) from ordinary activities after tax | (75.15) | 22.07 | 216.65 | (94.66) | 230.39 | 13.13 | ||||||||
13 | Extraordinary items (net of tax expense ? Nil) | - | - | - | - | - | - | ||||||||
14 | Net profit / (loss) for the period / year from continuing operations | (75.15) | 22.07 | 216.65 | (94.66) | 230.39 | 13.13 | ||||||||
15 | Share of profit / (loss) in associates (net) | 0.08 | 1.14 | (0.22) | 2.11 | 0.40 | 1.55 | ||||||||
16 | Minority interest | 0.24 | 1.14 | 1.73 | 1.41 | 1.61 | 1.44 | ||||||||
17 | Net profit / (loss) after taxes,minority interest and share of profit / (loss) of associates (net) | (74.83) | 24.35 | 218.16 | (91.14) | 232.40 | 16.12 | ||||||||
18 | Profit / (loss) from discontinued operations before tax | (15.30) | 47.76 | 83.76 | 129.11 | 266.63 | 335.49 | ||||||||
19 | Tax expense on discontinued operations | 16.90 | 19.97 | 27.63 | 76.85 | 91.13 | 142.26 | ||||||||
20 | Net profit / (loss) from discontinued operations after tax | (32.20) | 27.79 | 56.13 | 52.26 | 175.50 | 193.23 | ||||||||
21 | Net profit / (loss) for the period / year | (107.03) | 52.14 | 274.29 | (38.88) | 407.90 | 209.35 | ||||||||
22 | Paid-up equity share capital | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 | ||||||||
(Face value of equity share of ` 2 each) | |||||||||||||||
23 | Reserves excluding Revaluation Reserve as per the balance sheet of previous accounting year | 3663.51 | |||||||||||||
24 | Earnings Per Share (before extraordinary items) (of ` 2 each) (Not annualised) | ||||||||||||||
(a) Basic | (1.71) | 0.83 | 4.38 | (0.62) | 6.51 | 3.34 | |||||||||
(b) Diluted | (1.71) | 0.83 | 4.38 | (0.62) | 6.51 | 3.34 | |||||||||
Earnings Per Share (after extraordinary items) (of ` 2 each) (Not annualised) | |||||||||||||||
(a) Basic | (1.71) | 0.83 | 4.38 | (0.62) | 6.51 | 3.34 | |||||||||
(b) Diluted | (1.71) | 0.83 | 4.38 | (0.62) | 6.51 | 3.34 | |||||||||
CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED | |||||||||||||||
FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2015 | |||||||||||||||
(` in crore) | |||||||||||||||
Sr. No. | Particulars | Quarter ended | Nine months ended | Previous year ended | |||||||||||
31.12.2015 | 30.09.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.03.2015 | ||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||||||||
1. | Segment Revenue (net of excise duty): | ||||||||||||||
(a) Power Systems | 1591.39 | 1798.25 | 1963.19 | 4961.43 | 5929.17 | 8157.59 | |||||||||
(b) Industrial Systems | 474.77 | 476.47 | 454.37 | 1409.90 | 1368.75 | 1840.93 | |||||||||
(c) Others | 3.46 | 3.35 | 3.83 | 10.33 | 9.63 | 11.78 | |||||||||
Total | 2069.62 | 2278.07 | 2421.39 | 6381.66 | 7307.55 | 10010.30 | |||||||||
Less: Inter-Segment Revenue | 1.82 | 9.16 | 12.05 | 11.24 | 12.34 | 12.93 | |||||||||
Total income from operations (net) | 2067.80 | 2268.91 | 2409.34 | 6370.42 | 7295.21 | 9997.37 | |||||||||
2. | Segment Results: | ||||||||||||||
[Profit / (loss) before tax and finance | |||||||||||||||
costs from each segment] | |||||||||||||||
(a) Power Systems | (38.39) | 36.73 | 29.46 | (67.14) | 121.55 | 143.99 | |||||||||
(b) Industrial Systems | 35.79 | 46.92 | 28.26 | 116.80 | 101.37 | 140.04 | |||||||||
(c) Others | 0.55 | (4.07) | (2.61) | (3.32) | (3.43) | (1.97) | |||||||||
Total | (2.05) | 79.58 | 55.11 | 46.34 | 219.49 | 282.06 | |||||||||
Less: | |||||||||||||||
(i) Finance costs (net) | 14.70 | 17.42 | 31.07 | 47.07 | 84.46 | 111.49 | |||||||||
(ii) Other un-allocable expenditure | |||||||||||||||
net of un-allocable income | 33.88 | 36.01 | 25.65 | 91.75 | 72.29 | 120.67 | |||||||||
Profit / (loss) from continuing operations before exchange gain / (loss), exceptional items and tax | (50.63) | 26.15 | (1.61) | (92.48) | 62.74 | 49.90 | |||||||||
3. | Capital Employed: | ||||||||||||||
(Segment Assets - Segment Liabilities) | |||||||||||||||
(a) Power Systems | 3909.09 | 4062.63 | 4235.38 | 3909.09 | 4235.38 | 4006.58 | |||||||||
(b) Industrial Systems | 883.62 | 939.91 | 914.58 | 883.62 | 914.58 | 890.88 | |||||||||
(c) Others | 3.79 | (0.57) | 21.07 | 3.79 | 21.07 | 14.18 | |||||||||
(d) Unallocable | 1089.76 | 1104.88 | 915.80 | 1089.76 | 915.80 | 1103.31 | |||||||||
Total capital employed in continuing operations | 5886.26 | 6106.85 | 6086.83 | 5886.26 | 6086.83 | 6014.95 | |||||||||
Capital employed in discontinued operations | 261.44 | (317.30) | 491.46 | 261.44 | 491.46 | (242.61) | |||||||||
Total capital employed in continuing and discontinued operations | 6147.70 | 5789.55 | 6578.29 | 6147.70 | 6578.29 | 5772.34 | |||||||||
Notes on standalone financial results:
The above unaudited standalone results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 2nd February, 2016. The statutory auditors have carried out a limited review of the financials of the Company as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations’) and the related report is being forwarded to the Stock Exchanges. Pursuant to the Scheme of Arrangement (the ‘Scheme’) between the Company and Crompton Greaves Consumer Electricals Limited (CGCEL) and their respective shareholders and creditors, Consumer Products business and along with its related assets and liabilities has been transferred to CGCEL upon the sanction of the Scheme by the Honourable High Court of Bombay vide Order dated 20th November, 2015. The certified copy of the Order sanctioning the Scheme has been filed with the Registrar of the Companies, Maharashtra on 31st December, 2015. Accordingly, the effect of the Scheme has been given from 1st October, 2015, the Appointed Date. The financial results of the Company exclude the financial results of Consumer Products business for the period commencing on or after 1st October, 2015. The transactions with the erstwhile Consumer Products business have been treated as third party transactions. The net results of the erstwhile Consumer Products business have been disclosed separately under discontinued operations for the periods ending on or before 30th September, 2015 as required by Accounting Standard (AS) 24 Discontinuing Operations and the Schedule III to the Companies Act, 2013. Results of erstwhile Consumer Products business undertaking for the previous periods are given below.(` in crore) | ||||||||
Particulars | Quarter ended | Six months ended | Nine months ended | Previous year ended | ||||
30.09.2015 | 31.12.2014 | 30.09.2015 | 31.12.2014 | 31.03.2015 | ||||
Net Sales / Income from operations | 804.42 | 723.23 | 1775.24 | 2327.39 | 3232.65 | |||
Profit from ordinary activities before tax | 64.05 | 85.97 | 184.61 | 282.97 | 397.12 | |||
Net profit from ordinary activities after tax | 42.80 | 58.56 | 123.33 | 192.53 | 269.44 | |||
There have been however, consistent unresolvable differences between MSEDCL and the Company and hence, during the period. the Company has expressed its inability to continue as distribution franchise and terminated the DFA w.e.f. 12th August, 2015.
The Company and MSEDCL have raised demand on each other and the matter is under dispute. The Company and MSEDCL are in the process of constituting of Permanent Dispute Resolution Body (PDRB). The financial impact of the dispute will be known after final outcome from PDRB.
The net results of the Distribution Franchise Business (DFB) has been disclosed separately under discontinued operations for the periods ending on or before 30th September, 2015 as required by Accounting Standard (AS) 24 and the Schedule III to the Companies Act, 2013. Results of the DFB undertaking for the previous periods are given below.(` in crore) | ||||||||||
Particulars | Quarter ended | Six months ended | Nine months ended | Previous year ended | ||||||
30.09.2015 | 31.12.2014 | 30.09.2015 | 31.12.2014 | 31.03.2015 | ||||||
Net Sales / Income from operations | 52.87 | 105.13 | 161.05 | 317.69 | 406.96 | |||||
Loss from ordinary activities before tax | (10.45) | (1.17) | (27.04) | (3.06) | (24.56) | |||||
Loss from ordinary activities after tax | (10.45) | (1.17) | (27.04) | (3.06) | (24.56) | |||||
(` in crore) | ||||||
Particulars | Quarter Ended | Nine months ended | Previous year ended | |||
31.12.2015 | 30.09.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.03.2015 | |
Profit on sale of land at Kanjurmarg, Mumbai. | 426.15 | - | 278.15 | 426.15 | 278.15 | 278.15 |
Liquidation of investment in subsidiary company – Crompton Greaves Holdings Mauritius Limited | 31.63 | - | - | 31.63 | - | - |
Sale of investment in associate company – CG Lucy Switchgear Limited | 39.51 | - | - | 39.51 | - | - |
Provision made against loan given to subsidiaries including loss on sale of Canadian operation* | (410.00) | - | - | (410.00) | - | - |
Compensation to employees pursuant to voluntary retirement scheme | - | (0.13) | (10.61) | (1.23) | (10.61) | (18.10) |
Total | 87.29 | (0.13) | 267.54 | 86.06 | 267.54 | 260.05 |
(* The Company has made an assessment of fair value of the advances given to CG International B.V., a wholly owned subsidiary and in turn to its step down subsidiaries taking into account past business performances, prevailing business conditions and indicative enterprise value of the European, North American, and Indonesian entities of the Power Segment. Considering the above and as a matter of prudence, the Company has made the provision for advances given to its subsidiaries, including loss on sale of Canadian operation, of ` 410.00 crore for the quarter ended 31st December, 2015. As per the Company’s policy, the investments and advances will be subject to an impairment test as at year end).
ursuant to Notification G.S.R. 111(E) dated 16th February, 2015 by Ministry of Companies Affairs, the Company has decided for voluntary adoption of Indian Accounting Standards (Ind AS) with effect from 1st April, 2015 and thereafter. In view of the same and as per Regulation 33 of the Listing Regulations, the Company will publish standalone financial results for the quarter and year ending 31st March, 2016 and onwards as per Ind AS. Accordingly, the figures of previous periods / year will be restated as per Ind AS. Figures of the previous quarters / year have been regrouped, wherever necessary.For Crompton Greaves Limited
Place: Mumbai Laurent Demortier
Date: 2nd February, 2016 CEO & Managing Director
DIN: 03520825
PART I | |||||||
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2015 | |||||||
(? in crore) | |||||||
Sr. No. | Particulars | Quarter ended | Nine months ended | Previous year ended | |||
31.12.2015 | 30.09.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.03.2015 | ||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
1 | Income from operations | ||||||
(a) Net sales / Income from operations | 990.90 | 1073.38 | 1038.09 | 2836.17 | 3074.00 | 4237.47 | |
(Net of excise duty) | |||||||
(b) Other operating income | - | - | - | - | - | - | |
Total income from operations (net) | 990.90 | 1073.38 | 1038.09 | 2836.17 | 3074.00 | 4237.47 | |
2 | Expenses | ||||||
(a) Cost of materials consumed | 696.88 | 692.85 | 749.23 | 2033.24 | 2101.32 | 2893.72 | |
(b) Purchases of stock-in-trade | 25.68 | 20.85 | 37.21 | 74.43 | 151.22 | 188.12 | |
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (2.64) | 53.70 | (21.06) | (50.04) | (16.12) | 40.00 | |
(d) Employee benefits expense | 92.81 | 91.71 | 93.77 | 281.70 | 288.73 | 381.03 | |
(e) Depreciation and amortisation expense | 24.10 | 21.82 | 20.77 | 68.22 | 62.22 | 82.09 | |
(f) Other expenses | 126.34 | 123.19 | 102.03 | 364.87 | 333.33 | 463.62 | |
Total expenses | 963.17 | 1004.12 | 981.95 | 2772.42 | 2920.70 | 4048.58 | |
3 | Profit from operations before | ||||||
other income, finance costs, exchange gain / (loss) and exceptional items | 27.73 | 69.26 | 56.14 | 63.75 | 153.30 | 188.89 | |
4 | Other income | 17.73 | 10.26 | 26.02 | 60.30 | 83.69 | 115.39 |
5 | Profit from ordinary activities before finance costs, exchange gain / (loss) and exceptional items | 45.46 | 79.52 | 82.16 | 124.05 | 236.99 | 304.28 |
6 | Finance costs (net) | (25.30) | (21.66) | (3.52) | (68.21) | (1.47) | (10.02) |
7 | Profit from ordinary activities after finance costs but before exchange gain / (loss) and exceptional items | 70.76 | 101.18 | 85.68 | 192.26 | 238.46 | 314.30 |
8 | Exchange gain / (loss) | (8.68) | 31.79 | (0.42) | 75.95 | (2.59) | (47.42) |
9 | Exceptional items (net) - Income / (loss) | 87.29 | (0.13) | 267.54 | 86.06 | 267.54 | 260.05 |
10 | Profit from ordinary activities before tax | 149.37 | 132.84 | 352.80 | 354.27 | 503.41 | 526.93 |
11 | Tax expense | 42.06 | 30.83 | 14.82 | 82.54 | 46.55 | 40.67 |
12 | Net profit from ordinary activities after tax | 107.31 | 102.01 | 337.98 | 271.73 | 456.86 | 486.26 |
13 | Extraordinary items (net of tax expense ? Nil) | - | - | - | - | - | - |
14 | Net profit for the period / year from continuing operations | 107.31 | 102.01 | 337.98 | 271.73 | 456.86 | 486.26 |
15 | Profit from discontinued operations before tax | - | 53.60 | 84.80 | 157.57 | 279.91 | 372.56 |
16 | Tax expense on discontinued operations | - | 21.25 | 27.41 | 61.28 | 90.44 | 127.68 |
17 | Net profit from discontinued operations after tax | - | 32.35 | 57.39 | 96.29 | 189.47 | 244.88 |
18 | Net profit for the period / year | 107.31 | 134.36 | 395.37 | 368.02 | 646.33 | 731.14 |
19 | Paid-up equity share capital | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 |
(Face value of equity share of ` 2 each) | |||||||
20 | Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year | 3873.50 | |||||
21 | Earnings Per Share (before extraordinary items) (of ? 2 each) (Not annualised) | ||||||
(a) Basic | 1.71 | 2.14 | 6.31 | 5.87 | 10.31 | 11.67 | |
(b) Diluted | 1.71 | 2.14 | 6.31 | 5.87 | 10.31 | 11.67 | |
Earnings Per Share (after extraordinary items) (of ` 2 each) (Not annualised) | |||||||
(a) Basic | 1.71 | 2.14 | 6.31 | 5.87 | 10.31 | 11.67 | |
(b) Diluted | 1.71 | 2.14 | 6.31 | 5.87 | 10.31 | 11.67 |
STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED | |||||||
FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2015 | |||||||
(? in crore) | |||||||
Sr. No. | Particulars | Quarter ended | Nine months ended | Previous year ended | |||
31.12.2015 | 30.09.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.03.2015 | ||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
1. | Segment Revenue (net of excise duty): | ||||||
(a) Power Systems | 584.42 | 687.77 | 654.12 | 1662.41 | 1957.39 | 2734.06 | |
(b) Industrial Systems | 406.54 | 385.65 | 383.97 | 1173.88 | 1116.90 | 1504.44 | |
Total | 990.96 | 1073.42 | 1038.09 | 2836.29 | 3074.29 | 4238.50 | |
Less: Inter-Segment Revenue | 0.06 | 0.04 | - | 0.12 | 0.29 | 1.03 | |
Total income from continuing operations (net) | 990.90 | 1073.38 | 1038.09 | 2836.17 | 3074.00 | 4237.47 | |
2. | Segment Results: | ||||||
[Profit / (loss) before tax and finance | |||||||
costs from each segment] | |||||||
(a) Power Systems | 25.79 | 58.73 | 52.67 | 57.97 | 158.09 | 222.64 | |
(b) Industrial Systems | 42.33 | 42.95 | 40.85 | 120.02 | 112.70 | 151.98 | |
Total | 68.12 | 101.68 | 93.52 | 177.99 | 270.79 | 374.62 | |
Less: | |||||||
(i) Finance costs (net) | (25.30) | (21.66) | (3.52) | (68.21) | (1.47) | (10.02) | |
(ii) Other un-allocable expenditure | |||||||
net of un-allocable income | 22.66 | 22.16 | 11.36 | 53.94 | 33.80 | 70.34 | |
Profit from continuing operations | |||||||
before exchange gain / (loss), | |||||||
exceptional items and tax | 70.76 | 101.18 | 85.68 | 192.26 | 238.46 | 314.30 | |
3. | Capital Employed: | ||||||
(Segment Assets - Segment Liabilities) | |||||||
(a) Power Systems | 1086.49 | 1110.02 | 1163.39 | 1086.49 | 1163.39 | 1225.06 | |
(b) Industrial Systems | 361.55 | 402.03 | 380.83 | 361.55 | 380.83 | 406.71 | |
(c) Unallocable | 3741.00 | 3226.69 | 2106.34 | 3741.00 | 2106.34 | 2790.05 | |
Total capital employed in continuing operations | 5189.04 | 4738.74 | 3650.56 | 5189.04 | 3650.56 | 4421.82 | |
Capital employed in discontinued operations | |||||||
254.42 | (399.21) | 379.50 | 254.42 | 379.50 | (322.14) | ||
Total Capital employed in continuing and discontinued operations | 5443.46 | 4339.53 | 4030.06 | 5443.46 | 4030.06 | 4099.68 |
Notes on consolidated financial results:
The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 2nd February, 2016. During the period, the Company has discontinued Consumer Products business. Accordingly, the figures for the period ending on or before 30th September, 2015 have been restated as per the requirement of Accounting Standard (AS) 24 Discontinuing Operations to exclude the financial results of this discontinued business to arrive at the financial results from continuing operations. Results of erstwhile Consumer Products business undertaking for the previous periods are given below.(` in crore) | |||||
Particulars | Quarter Ended | Six Months ended | Nine Months ended | Previous year ended | |
30.09.2015 | 31.12.2014 | 30.09.2015 | 31.12.2014 | 31.03.2015 | |
Net Sales/ Income from operations | 804.42 | 723.23 | 1775.24 | 2327.39 | 3232.65 |
Profit from ordinary activities before tax | 60.24 | 85.97 | 180.68 | 282.97 | 394.26 |
Net profit from ordinary activities after tax | 40.27 | 58.56 | 120.73 | 192.53 | 267.55 |
The net results of the Canadian operation have been disclosed separately under discontinued operations as required by Accounting Standard (AS) 24 and the Schedule III to the Companies Act 2013. Results of the Canadian operation for the previous periods are given below:
(` in croe) | ||||||
Particulars | Quarter Ended | Nine months ended | Previous year ended | |||
*31.12.2015 | 30.09.2015 | 31.12.2014 | *31.12.2015 | 31.12.2014 | 31.03.2015 | |
Net Sales/ Income from operations | 39.77 | 96.78 | 103.36 | 200.06 | 294.46 | 416.22 |
Loss from ordinary activities before exceptional items, prior period items and tax | (15.30) | (2.03) | (1.04) | (24.53) | (13.28) | (16.49) |
Loss from ordinary activities after exceptional items, prior period items and before tax | (15.30) | (2.03) | (1.04) | (24.53) | (13.28) | (34.21) |
Net loss from ordinary activities after tax | (32.20) | (2.03) | (1.26) | (41.43) | (13.97) | (49.76) |
(* Till the date of sale of operation).
In line with Accounting Standard (AS) 24, the figures for the period ending on or before 30th September, 2015 have been restated to exclude the financial results of Canadian operation to arrive at the financial results from continuing operations.
Exceptional items for the quarter and nine months ended 31st December, 2015 include the following:
(` in crore) | ||||||
Particulars | Quarter Ended | Nine months ended | Previous year ended | |||
31.12.2015 | 30.09.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.03.2015 | |
Profit on sale of land at Kanjurmarg, Mumbai. | 426.15 | - | 278.15 | 426.15 | 278.15 | 278.15 |
Sale of Investment in associate company – CG Lucy Switchgear Limited | 13.93 | - | - | 13.93 | - | - |
Provision made against loan given to subsidiaries including loss on sale of Canadian operation* | (410.00) | - | - | (410.00) | - | - |
Compensation to employees pursuant to voluntary retirement scheme | - | (0.13) | (10.61) | (1.23) | (10.61) | (18.10) |
Project cost written-off | - | - | - | - | - | (82.09) |
Litigation claim | - | - | - | - | - | (22.34) |
Warranty claim | - | - | - | - | - | (65.24) |
Total | 30.08 | (0.13) | 267.54 | 28.85 | 267.54 | 90.38 |
(* The Group has made an assessment of fair value of the advances given to CG International B.V., a wholly owned subsidiary and in turn to its step down subsidiaries taking into account past business performances, prevailing business conditions and indicative enterprise value of the European, North American, and Indonesian entities of the Power Segment. Considering the above and as a matter of prudence, the Group has made the provision for advances given to its subsidiaries, including loss on sale of Canadian operation, of ` 410.00 crore for the quarter ended 31st December, 2015. As per the Company’s policy, the investments and advances will be subject to an impairment test as at year end).Pursuant to Notification – G.S.R. 111(E) dated 16th February, 2015 by Ministry of Companies Affairs, the Company has decided for voluntary adoption of Indian Accounting Standards (Ind AS) with effect from 1st April, 2015 and thereafter. In view of the same and as per Regulation 33 of the Listing Regulations, the Company will publish consolidated financial results for the quarter and year ending 31st March, 2016 and onwards as per Ind AS. Accordingly figures of previous periods / year will be restated as per Ind AS.
Figures of the previous quarters / year have been regrouped, wherever necessary. For Crompton Greaves LimitedPlace: Mumbai Laurent Demortier
Date: 2nd February, 2016 CEO & Managing Director
DIN: 03520825