30 May 2017 10:56
CG Power and Industrial Solutions Ltd - Annual Financial ReportCG Power and Industrial Solutions Ltd - Annual Financial Report
PR Newswire
London, May 30
PART I | ||||||
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017 | ||||||
(' in crore) | ||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | ||
Audited | Unaudited | Audited | Audited | Audited | ||
1 | Income from operations | |||||
Revenue from operations | 1284.49 | 1160.12 | 1205.29 | 4761.43 | 4224.84 | |
Other income | 35.02 | 58.50 | 71.03 | 200.41 | 226.33 | |
Total Income | 1319.51 | 1218.62 | 1276.32 | 4961.84 | 4451.17 | |
2 | Expenses | |||||
(a) Cost of materials consumed | 877.34 | 747.58 | 762.14 | 3144.71 | 2767.09 | |
(b) Purchases of stock-in-trade | 107.44 | 26.91 | 44.70 | 225.12 | 118.29 | |
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (109.65) | (0.22) | (15.45) | (168.12) | (63.59) | |
(d) Employee benefits expense | 85.67 | 88.08 | 94.43 | 358.32 | 362.69 | |
(e) Finance Costs | 55.82 | 47.09 | 19.10 | 163.83 | 39.77 | |
(f) Depreciation and amortisation expense | 21.73 | 23.53 | 21.37 | 91.74 | 98.63 | |
(g) Other expenses | 242.33 | 213.98 | 241.11 | 889.41 | 815.39 | |
Total Expenses | 1280.68 | 1146.95 | 1167.40 | 4705.01 | 4138.27 | |
3 | Profit before exceptional items and tax | 38.83 | 71.67 | 108.92 | 256.83 | 312.90 |
4 | Exceptional items (net) | (57.88) | (35.94) | (1426.01) | (99.80) | (1451.71) |
5 | Profit / (loss) before tax | (19.05) | 35.73 | (1317.09) | 157.03 | (1138.81) |
6 | Tax Expenses | (10.09) | (10.31) | 5.81 | (0.70) | 45.30 |
7 | Profit / (loss) from continuing operations after tax | (8.96) | 46.04 | (1322.90) | 157.73 | (1184.11) |
8 | Profit / (loss) from discontinued operations before tax | (3.21) | (29.87) | (1.22) | (33.27) | 146.70 |
9 | Tax expense on discontinued operations | - | - | - | - | 61.31 |
10 | Profit / (loss) from discontinued operations after tax | (3.21) | (29.87) | (1.22) | (33.27) | 85.39 |
11 | Profit / (loss) for the period / year | (12.17) | 16.17 | (1324.12) | 124.46 | (1098.72) |
12 | Other comprehensive income: | |||||
(i) Items that will not be reclassified to profit or loss | 4.32 | (50.98) | (35.26) | (54.95) | (47.88) | |
(ii) Income tax relating to items that will not be reclassified to profit or loss | (0.93) | 0.89 | 2.38 | 1.73 | 6.75 | |
13 | Total comprehensive income after tax | (8.78) | (33.92) | (1357.00) | 71.24 | (1139.85) |
14 | Paid-up equity share capital | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 |
(Face value of equity share of ` 2 each) | ||||||
15 | Reserves excluding Revaluation Reserve as per balance sheet | 4073.94 | 4002.70 | |||
16 | Earnings Per Share (for continuing operations) (of ? 2 each) | |||||
(a) Basic | (0.14) | 0.74 | (21.11) | 2.52 | (18.89) | |
(b) Diluted | (0.14) | 0.74 | (21.11) | 2.52 | (18.89) | |
Earnings Per Share (for discontinued operations) (of ` 2 each) | ||||||
(a) Basic | (0.05) | (0.48) | (0.02) | (0.53) | 1.36 | |
(b) Diluted | (0.05) | (0.48) | (0.02) | (0.53) | 1.36 | |
Earnings Per Share (for continuing operations and discontinued operations) (of ` 2 each) | ||||||
(a) Basic | (0.19) | 0.26 | (21.13) | 1.99 | (17.53) | |
(b) Diluted | (0.19) | 0.26 | (21.13) | 1.99 | (17.53) |
STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES | ||||||
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017 | ||||||
(' in crore) | ||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | ||
Audited | Unaudited | Audited | Audited | Audited | ||
1. | Segment Revenue: | |||||
(a) Power Systems | 704.16 | 636.30 | 708.80 | 2684.05 | 2424.68 | |
(b) Industrial Systems | 580.66 | 523.85 | 496.75 | 2078.00 | 1800.54 | |
Total | 1284.82 | 1160.15 | 1205.55 | 4762.05 | 4225.22 | |
Less: Inter-Segment Revenue | 0.33 | 0.03 | 0.26 | 0.62 | 0.38 | |
Total income from operations | 1284.49 | 1160.12 | 1205.29 | 4761.43 | 4224.84 | |
2. | Segment Results: | |||||
[Profit / (loss) before tax and finance | ||||||
costs from each segment] | ||||||
(a) Power Systems | 54.38 | 64.11 | 49.49 | 208.00 | 116.98 | |
(b) Industrial Systems | 36.89 | 54.26 | 55.73 | 190.04 | 174.28 | |
Total | 91.27 | 118.37 | 105.22 | 398.04 | 291.26 | |
Less: | ||||||
(i) Finance costs | 55.82 | 47.09 | 19.10 | 163.83 | 39.77 | |
(ii) Other un-allocable expenditure | ||||||
net of un-allocable income | (3.38) | (0.39) | (22.80) | (22.62) | (61.41) | |
Add: | ||||||
(i) Exceptional items (net) | (57.88) | (35.94) | (1426.01) | (99.80) | (1451.71) | |
Profit / (loss) from ordinary activities before tax | (19.05) | 35.73 | (1317.09) | 157.03 | (1138.81) | |
3. | Segment Assets: | |||||
(a) Power Systems | 2265.25 | 2148.13 | 2192.02 | 2265.25 | 2192.02 | |
(b) Industrial Systems | 965.13 | 886.28 | 823.02 | 965.13 | 823.02 | |
(c) Unallocable | 4000.12 | 4340.76 | 3289.85 | 4000.12 | 3289.85 | |
(d) Discontinued Operations | 160.63 | 248.97 | 320.32 | 160.63 | 320.32 | |
Total segment assets | 7391.13 | 7624.14 | 6625.21 | 7391.13 | 6625.21 | |
4. | Segment Liabilities: | |||||
(a) Power Systems | 949.08 | 926.54 | 1047.91 | 949.08 | 1047.91 | |
(b) Industrial Systems | 405.64 | 395.71 | 328.83 | 405.64 | 328.83 | |
(c) Unallocable | 287.70 | 401.33 | 213.41 | 287.70 | 213.41 | |
(d) Discontinued Operations | 0.98 | 12.20 | 80.59 | 0.98 | 80.59 | |
Total segment liabilities | 1643.40 | 1735.78 | 1670.74 | 1643.40 | 1670.74 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES | ||||||||
(' in crore) | ||||||||
Particulars | As at 31.03.2017 | As at 31.03.2016 | ||||||
Audited | Audited | |||||||
A | ASSETS | |||||||
1 | Non-current Assets: | |||||||
(a) Property, plant and equipment | 1232.78 | 1296.04 | ||||||
(b) Capital work-in-progress | 8.23 | 2.00 | ||||||
(c) Investment property | - | - | ||||||
(d) Other intangible assets | 46.23 | 50.53 | ||||||
(e) Intangible assets under development | 28.01 | 37.95 | ||||||
(f) Financials assets | ||||||||
(i) Investments | 440.65 | 481.69 | ||||||
(ii) Loans | 6.64 | 9.44 | ||||||
(iii) Others | 46.89 | 44.57 | ||||||
(g) Other non-current assets | 3.18 | 0.64 | ||||||
Sub-total Non-current Assets | 1812.61 | 1922.86 | ||||||
2 | Current Assets: | |||||||
(a) Inventories | 750.76 | 407.17 | ||||||
(b) Financials assets | ||||||||
(i) | Investments | 5.22 | 0.95 | |||||
(ii) | Trade receivables | 1480.37 | 1642.99 | |||||
(iii) | Cash and cash equivalents | 554.48 | 510.41 | |||||
(iv) | Bank balances other than (iii) above | 1.27 | 1.62 | |||||
(v) | Loans | 1466.97 | 1051.05 | |||||
(vi) | Others | 204.27 | 287.42 | |||||
(c) Current tax assets (net) | 51.86 | 26.46 | ||||||
(d) Other current assets | 902.69 | 522.68 | ||||||
Sub-total Current Assets | 5417.89 | 4450.75 | ||||||
3 | Assets classified as held for sale and discontinued operations | 160.63 | 251.60 | |||||
TOTAL - ASSETS | 7391.13 | 6625.21 | ||||||
B | EQUITY AND LIABILITIES | |||||||
Equity | ||||||||
(a) Equity Share capital | 125.35 | 125.35 | ||||||
(b) Other equity | 4073.94 | 4002.70 | ||||||
Sub-total Equity | 4199.29 | 4128.05 | ||||||
Liabilities | ||||||||
1 | Non-current Liabilities: | |||||||
(a) Financials liabilities | ||||||||
(i) | Borrowings | 503.60 | 4.15 | |||||
(ii) | Other financial liabilities | 1.10 | 1.21 | |||||
(b) Provisions | 59.77 | 52.70 | ||||||
(c) Deferred tax liabilities (net) | 214.75 | 240.25 | ||||||
Sub-total Non-current Liabilities | 779.22 | 298.31 | ||||||
2 | Current Liabilities: | |||||||
(a) Financials liabilities | ||||||||
(i) | Borrowings | 710.23 | 578.18 | |||||
(ii) | Trade payables | 1091.33 | 1047.40 | |||||
(iii) | Other financial liabilities | 255.36 | 148.40 | |||||
(b) Other current liabilities | 285.97 | 319.15 | ||||||
(c) Provisions | 68.75 | 75.62 | ||||||
Sub-total Current Liabilities | 2411.64 | 2168.75 | ||||||
3 | Liabilities associated with group of assets classified as held for sale and discontinued operations | 0.98 | 30.10 | |||||
TOTAL EQUITY AND LIABILITIES | 7391.13 | 6625.21 |
Notes on standalone financial results:
1. The above audited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 26th May, 2017.
2. Exceptional items include the following:
(' crore) | |||||
Particulars | Quarter ended | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | |
Amount paid towards Sales tax Amnesty scheme | (5.73) | (3.39) | - | (9.12) | - |
Amount paid towards final settlement of Litigation claims | (20.00) | - | - | (20.00) | - |
Unrealised exchange gain / (loss) on loans and advances | (32.15) | (32.55) | (11.07) | (70.68) | 57.02 |
Profit on sale of portion of land at Kanjurmarg, Mumbai | - | - | - | - | 246.30 |
Liquidation of investment in subsidiary company - Crompton Greaves Holdings Mauritius Limited | - | - | - | - | 31.63 |
Profit on sale of investment in joint venture - CG Lucy Switchgear Limited | - | - | - | - | 39.51 |
Provision made against loan given to subsidiaries net of exchange gain | - | - | (862.90) | - | (1272.90) |
Provision made against investment in subsidiaries | - | - | (545.86) | - | (545.86) |
Compensation to employees pursuant to voluntary retirement scheme | - | - | - | - | (1.23) |
One-time payment to former CEO & Managing Director | - | - | (6.18) | - | (6.18) |
Total | (57.88) | (35.94) | (1426.01) | (99.80) | (1451.71) |
3. Other comprehensive income is in respect of fair valuation of other investment and employee benefits.
4. Discontinued businesses:
a. In respect of discontinued Distribution Franchise business (Jalgaon), the Company and Maharashtra State Electricity Distribution Company Limited (MSEDCL) have raised demand on each other and the matter is under dispute. The Company and MSEDCL are in the process of constituting a Permanent Dispute Resolution Body (PDRB) to arrive at a solution in near future. The Company does not expect any adverse impact with respect to above.
b. The Company has concluded the sale transaction of its B2B Automation business, which was transferred under slump sale transaction agreement to ZIV automation India Limited (a wholly owned subsidiary) to Alfanar on 6th March, 2017. Consequently, the company has recorded the loss of ` 7.15 crore which is disclosed under the Discontinued Operation.
c. Details of the discontinued businesses as on 31st March, 2017 included therein are given below in terms of the requirement of Indian Accounting Standard (Ind AS) 105:
` crore | |||||
Particulars | Quarter | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | |
Gross Sales / Income from Operations | - | 17.12 | 34.61 | 51.01 | 2071.13 |
Profit / (Loss) before Tax | (3.21) | (29.87) | (1.22) | (33.27) | 146.70 |
Net Profit / (Loss) after Tax | (3.21) | (29.87) | (1.22) | (33.27) | 85.39 |
5. The Company has changed its name from Crompton Greaves Limited to CG Power and Industrial Solutions Limited with effect from 27th February, 2017.
6. Figures of the previous quarters / year have been regrouped, wherever necessary to correspond with the current quarter / year. Hence, the corresponding component figures are comparable with all respective quarters / year financial results.
For CG Power and Industrial Solutions Limited
Place: New Delhi | K.N. Neelkant |
Date: 26th May, 2017 | CEO & Managing Director DIN: 05122610 |
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017 | ||||||
(' in crore) | ||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | ||
Audited | Unaudited | Audited | Audited | Audited | ||
1 | Income from operations | |||||
Revenue from operations | 1710.06 | 1428.05 | 1850.67 | 6119.75 | 5594.95 | |
Other income | 23.24 | 6.16 | 33.52 | 68.70 | 111.49 | |
Total income | 1733.30 | 1434.21 | 1884.19 | 6188.45 | 5706.44 | |
2 | Expenses | |||||
(a) Cost of materials consumed | 1091.44 | 911.69 | 1177.46 | 3945.88 | 3476.67 | |
(b) Purchases of stock-in-trade | 118.72 | 26.90 | 40.66 | 236.41 | 118.16 | |
(c) Changes in inventories of finished goods, | ||||||
work-in-progress and stock-in-trade | (61.43) | (28.06) | 54.50 | 168.17) | 16.78 | |
(d) Employee benefits expense | 125.78 | 131.65 | 147.86 | 537.10 | 559.01 | |
(e) Finance costs | 62.48 | 51.08 | 28.96 | 188.03 | 79.97 | |
(f) Depreciation and amortisation expense | 43.77 | 34.10 | 45.13 | 149.99 | 171.65 | |
(g) Other expenses | 317.41 | 262.70 | 275.34 | 1098.32 | 994.13 | |
Total expenses | 1698.17 | 1390.06 | 1769.91 | 5987.56 | 5416.37 | |
3 | Profit before share of profit / (loss) in associates and joint venture, exceptional items and tax | 35.13 | 44.15 | 114.28 | 200.89 | 290.07 |
4 | Share of profit / (loss) in associates and joint venture | (0.63) | (0.34) | (0.40) | (1.57) | 1.20 |
5 | Exceptional items (net) | (69.34) | (3.39) | 39.74 | (72.73) | (111.26) |
6 | Profit/ (loss) before tax | (34.84) | 40.42 | 153.62 | 126.59 | 180.01 |
7 | Tax expense | (3.09) | (8.01) | 8.26 | 16.60 | 66.73 |
8 | Net profit / (loss) from continuing operations after tax | (31.75) | 48.43 | 145.36 | 109.99 | 113.28 |
9 | Loss from discontinued operations before tax | (417.31) | (74.23) | (195.48) | (611.47) | (491.50) |
10 | Tax expense/ (credits) on discontinued operations | (5.06) | (0.69) | 42.78 | (10.85) | 82.40 |
11 | Loss from discontinued operations after tax | (412.25) | (73.54) | (238.26) | (600.62) | (573.90) |
12 | Net loss for the period / year | (444.00) | (25.11) | (92.90) | (490.63) | (460.62) |
13 | Other comprehensive income: | |||||
(a) (i) Items that will not be reclassified to profit or loss | 1.50 | (50.98) | (33.21) | (57.77) | (45.83) | |
(ii) Income tax relating to items that will not be reclassified to profit or loss | (0.22) | 0.89 | 2.38 | 2.44 | 6.75 | |
(b) (i) Items that will be reclassified to profit or loss | (26.48) | (53.37) | 21.87 | 58.86 | 136.56 | |
14 | Total comprehensive income after tax | (469.20) | (128.57) | (101.86) | (487.10) | (363.14) |
15 | Total comprehensive income attributable to: | |||||
(a) Equity holders of the parent | (469.21) | (128.62) | (102.43) | (487.33) | (361.81) | |
(b) Non-controlling interests | (0.01) | (0.05) | (0.57) | (0.23) | 1.33 | |
16 | Paid-up equity share capital | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 |
(Face value of equity share of ` 2 each) | ||||||
17 | Reserves excluding Revaluation Reserve as per the balance sheet | 3985.74 | 4471.81 | |||
18 | Earnings Per Equity Share (for continuing operation) (of ` 2 each) | |||||
(a) Basic | (0.50) | 0.77 | 2.31 | 1.75 | 1.83 | |
(b) Diluted | (0.50) | 0.77 | 2.31 | 1.75 | 1.83 | |
Earnings Per Equity Share (for discontinued operations) (of ` 2 each) | ||||||
(a) Basic | (6.58) | (1.17) | (3.80) | (9.58) | (9.16) | |
(b) Diluted | (6.58) | (1.17) | (3.80) | (9.58) | (9.16) | |
Earnings Per Equity Share (for continuing and discontinued operations) (of ` 2 each) | ||||||
(a) Basic | (7.08) | (0.40) | (1.49) | (7.83) | (7.33) | |
(b) Diluted | (7.08) | (0.40) | (1.49) | (7.83) | (7.33) |
CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES | ||||||
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017 | ||||||
(' in crore) | ||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | ||
Audited | Unaudited | Audited | Audited | Audited | ||
1. | Segment Revenue: | |||||
(a) Power Systems | 1057.84 | 846.19 | 1270.27 | 3739.40 | 3474.22 | |
(b) Industrial Systems | 646.21 | 578.73 | 578.99 | 2360.61 | 2118.80 | |
(c) Others | 6.34 | 3.16 | 1.84 | 20.36 | 13.60 | |
Total | 1710.39 | 1428.08 | 1851.10 | 6120.37 | 5606.62 | |
Less: Inter-Segment Revenue | 0.33 | 0.03 | 0.43 | 0.62 | 11.67 | |
Total income from operations | 1710.06 | 1428.05 | 1850.67 | 6119.75 | 5594.95 | |
2. | Segment Results: | |||||
[Profit / (loss) before tax and finance | ||||||
costs from each segment] | ||||||
(a) Power Systems | 90.78 | 109.68 | 121.38 | 384.36 | 328.63 | |
(b) Industrial Systems | 28.84 | 43.04 | 43.31 | 156.49 | 138.87 | |
(c) Others | (0.30) | 0.48 | 2.33 | 0.08 | (1.00) | |
Total | 119.32 | 153.20 | 167.02 | 540.93 | 466.50 | |
Less: | ||||||
(i) Finance costs | 62.48 | 51.08 | 28.96 | 188.03 | 79.97 | |
(ii) Other un-allocable expenditure | ||||||
net of un-allocable income | 21.71 | 57.97 | 23.78 | 152.01 | 96.46 | |
Add: | ||||||
(i) Share of profit / (loss) in associates and joint venture | (0.63) | (0.34) | (0.40) | (1.57) | 1.20 | |
(ii) Exceptional items (net) | (69.34) | (3.39) | 39.74 | (72.73) | (111.26) | |
Profit/ (loss) from ordinary activities before tax | (34.84) | 40.42 | 153.62 | 126.59 | 180.01 | |
3. | Segment Assets: | |||||
(a) Power Systems | 3321.21 | 3232.47 | 3218.17 | 3321.21 | 3218.17 | |
(b) Industrial Systems | 1437.71 | 1390.86 | 1385.33 | 1437.71 | 1385.33 | |
(c) Others | 34.11 | 32.50 | 33.03 | 34.11 | 33.03 | |
(d) Unallocable | 2244.61 | 2598.11 | 1928.38 | 2244.61 | 1928.38 | |
(e) Discontinued Operations | 3017.08 | 4057.58 | 4276.85 | 3017.08 | 4276.85 | |
Total segment assets | 10054.72 | 11311.52 | 10841.76 | 10054.72 | 10841.76 | |
4. | Segment Liabilities: | |||||
(a) Power Systems | 1514.64 | 1447.62 | 1475.01 | 1514.64 | 1475.01 | |
(b) Industrial Systems | 482.27 | 480.54 | 408.78 | 482.27 | 408.78 | |
(c) Others | 6.84 | 8.23 | 6.01 | 6.84 | 6.01 | |
(d) Unallocable | 209.72 | 255.66 | 119.78 | 209.72 | 119.78 | |
(e) Discontinued Operations | 1151.53 | 1444.84 | 1725.72 | 1151.53 | 1725.72 | |
Total segment liabilities | 3365.00 | 3636.89 | 3735.30 | 3365.00 | 3735.30 |
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES | ||||||||||
(' in crore) | ||||||||||
Particulars | As at 31.03.2017 | As at 31.03.2016 | ||||||||
Audited | Audited | |||||||||
A | ASSETS | |||||||||
1 | Non-current Assets: | |||||||||
(a) | Property, plant and equipment | 1376.29 | 1500.74 | |||||||
(b) | Capital work-in-progress | 28.18 | 14.23 | |||||||
(c) | Investment property | - | - | |||||||
(d) | Goodwill | 143.54 | 468.41 | |||||||
(e) | Other intangible assets | 184.79 | 618.51 | |||||||
(f) | Intangible assets under development | 33.30 | 75.47 | |||||||
(g) | Financial assets | |||||||||
(i) | Investments | 203.92 | 230.32 | |||||||
(ii) | Loans | 6.65 | 9.44 | |||||||
(h) | Deferred tax assets | 26.62 | 89.87 | |||||||
(i) | Other non-current assets | 3.21 | 0.97 | |||||||
Sub-total Non-current assets | 2006.50 | 3007.96 | ||||||||
2 | Current Assets: | |||||||||
(a) | Inventories | 882.10 | 585.01 | |||||||
(b) | Financial assets | |||||||||
(i) | Investments | 5.22 | 0.95 | |||||||
(ii) | Trade receivables | 1877.15 | 2077.01 | |||||||
(iii) | Cash and cash equivalents | 724.49 | 792.41 | |||||||
(iv) | Bank balances other than (iii) above | 36.22 | 4.48 | |||||||
(v) | Loans | 76.25 | 31.95 | |||||||
(vi) | Others | 173.28 | 238.37 | |||||||
(c) | Current tax assets (net) | 70.57 | 38.31 | |||||||
(d) | Other current assets | 1212.48 | 571.09 | |||||||
Sub-total Current assets | 5057.76 | 4339.58 | ||||||||
3 | Assets classified as held for sale and discontinued operations | 3123.84 | 3690.88 | |||||||
TOTAL - ASSETS | 10188.10 | 11038.42 | ||||||||
B | EQUITY AND LIABILITIES | |||||||||
Equity | ||||||||||
(a) | Equity Share capital | 125.35 | 125.35 | |||||||
(b) | Other equity | 3985.74 | 4471.81 | |||||||
Sub-total Equity | 4111.09 | 4597.16 | ||||||||
1 | Non-current Liabilities: | |||||||||
(a) | Financial liabilities | |||||||||
(i) | Borrowings | 503.80 | 599.02 | |||||||
(ii) | Other financial liabilities | 1.14 | 1.25 | |||||||
(b) | Provisions | 71.21 | 52.77 | |||||||
(c) | Deferred tax liabilities | 262.30 | 342.71 | |||||||
(d) | Other non-current liabilities | 0.94 | 6.34 | |||||||
Sub-total Non-current liabilities | 839.39 | 1002.09 | ||||||||
2 | Current Liabilities: | |||||||||
(a) | Financial liabilities | |||||||||
(i) | Borrowings | 710.67 | 692.21 | |||||||
(ii) | Trade payables | 1383.14 | 1302.65 | |||||||
(iii) | Other financial liabilities | 404.28 | 365.93 | |||||||
(b) | Other current liabilities | 556.24 | 420.14 | |||||||
(c) | Provisions | 84.08 | 80.43 | |||||||
Sub-total Current liabilities | 3138.41 | 2861.36 | ||||||||
3 | Liabilities associated with group of assets classified as held for sale and discontinued operations | 2099.21 | 2577.81 | |||||||
TOTAL EQUITY AND LIABILITIES | 10188.10 | 11038.42 |
Notes on consolidated financial results:
1. The above audited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 26th May, 2017.
2. Exceptional items include the following:
(' crore) | |||||
Particulars | Quarter ended | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | |
Amount paid towards Sales tax Amnesty scheme | (5.73) | (3.39) | - | (9.12) | - |
Amount paid towards final settlement of Litigation claims | (20.00) | - | - | (20.00) | - |
Profit on sale of portion of land at Kanjurmarg, Mumbai | - | - | - | - | 246.30 |
Profit on sale of investment in joint venture - CG Lucy Switchgear Limited | - | - | - | - | 13.93 |
Provision made against loan given to subsidiaries net of exchange gain | - | - | 86.23 | - | (323.77) |
Compensation to employees pursuant to voluntary retirement scheme | - | - | - | - | (1.23) |
One-time payment to former CEO & Managing Director | - | - | (6.18) | - | (6.18) |
Impairment of Goodwill | (43.61) | - | (40.31) | (43.61) | (40.31) |
Total | (69.34) | (3.39) | 39.74 | (72.73) | (111.26) |
3. Other comprehensive income is in respect of fair valuation of exposure in foreign subsidiaries, other investment and employee benefits.
4. Discontinuing businesses:
a. In respect of discontinued Distribution Franchise business (Jalgaon), the Company and Maharashtra State Electricity Distribution Company Limited (MSEDCL) have raised demand on each other and the matter is under dispute. The Company and MSEDCL are in the process of constituting a Permanent Dispute Resolution Body (PDRB) to arrive at a solution in near future. The Company does not expect any adverse impact with respect to above.
b. The Company has concluded the sale transaction of its B2B Automation business, comprising of ZIV Aplicaciones y Technologia, S. L, (Spain), its subsidiaries alongwith the related Automation business in United Kingdom, Ireland, France and India to Alfanar on 6th March, 2017. Consequently, the company has recorded the loss of ` 239.78 crore which is disclosed under the Discontinued Operation.
c. The Company in its Board meeting held on 10th February, 2017
I. Has decided to divest its two Indian subsidiaries namely Crompton Greaves Consumer Products Limited (CGCPL) and CG Power Solutions Limited (CGPSOL) and it’s in the process of identifying prospective buyer. Accordingly, these have been classified as discontinuing business.
II. Has decided to classify PT. CG Power systems Indonesia as continuing operation considering the potential growth opportunities of the business.
However, overseas power T&D business of the Company at Hungary, Ireland, France, US and Belgium will continue to be reflected as discontinuing operations.
d. Details of the discontinued businesses as on 31st March, 2017 included therein are given below in terms of the requirement of Indian Accounting Standard (Ind AS) 105:
' crore | |||||
Particulars | Quarter | Year ended | |||
31.03.2017 | 31.12.2016 | 31.03.2016 | 31.03.2017 | 31.03.2016 | |
Gross Sales / Income from Operations | 704.00 | 827.65 | 1083.15 | 3298.43 | 6130.77 |
Loss before Tax | (417.31) | (74.23) | (195.48) | (611.47) | (491.50) |
Net Loss after Tax | (412.25) | (73.54) | (238.26) | (600.62) | (573.90) |
5. The Company has changed its name from Crompton Greaves Limited to CG Power and Industrial Solutions Limited with effect from 27th February, 2017.
6. Figures of the previous quarters / year have been regrouped, wherever necessary to correspond with the current quarter / year. Hence, the corresponding component figures are comparable with all respective quarters / year financial results.
For CG Power and Industrial Solutions Limited
Place: New Delhi | K.N. Neelkant |
Date: 26th May, 2017 | CEO & Managing Director DIN: 05122610 |