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Final Results

29 May 2015 13:21

CROMPTON GREAVES LD - Final Results

CROMPTON GREAVES LD - Final Results

PR Newswire

London, May 29

PART I
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEARENDED 31ST MARCH, 2015

(? in crore)
Sr.No.ParticularsQuarter endedYear ended
31.03.201531.12.201431.03.201431.03.201531.03.2014
AuditedUnauditedAuditedAuditedAudited
1Income from operations
(a) Net sales / Income from operations2147.621858.602056.567837.027570.70
(Net of excise duty)
(b) Other operating income-----
Total income from operations (net)2147.621858.602056.567837.027570.70
2Expenses
(a) Cost of materials consumed988.69899.09985.933637.193617.52
(b) Purchases of stock-in-trade594.73483.88513.272158.751993.21
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade53.28(11.17)23.1626.09(12.77)
(d) Employee benefits expense133.21126.15126.42522.98476.36
(e) Depreciation and amortisation expense23.6624.4424.5396.3989.35
(f) Other expenses224.94197.35222.63838.69879.66
Total expenses2018.511719.741895.947280.097043.33
3Profit from operations before
other income, finance costs, exchange gain/ (loss) and exceptional items129.11138.86160.62556.93527.37
4Other income31.9822.6525.04105.6870.63
5Profit from ordinary activities before financecosts, exchange gain / (loss) and exceptionalitems161.09161.51185.66662.61598.00
6Finance costs (net)(7.40)(8.97)(3.81)(24.25)(22.02)
7Profit from ordinary activities after financecosts but before exchange gain / (loss) andexceptional items168.49170.48189.47686.86620.02
8Exchange gain / (loss)(44.83)(0.42)0.14(47.42)92.43
9Exceptional items (net) - Income / (loss)(7.49)267.54-260.05-
10Profit from ordinary activities before tax116.17437.60189.61899.49712.45
11Tax expense31.3642.2363.49168.35191.36
12Net profit from ordinary activities after tax84.81395.37126.12731.14521.09
13Extraordinary items (net of tax expense ? Nil)-----
14Net profit for the period / year84.81395.37126.12731.14521.09
15Paid-up equity share capital125.35125.35125.35125.35125.35
(Face value of equity share of ` 2 each)
16Reserves excluding Revaluation Reserve as per balance sheet3873.503217.10
17Earnings Per Share (before extraordinary items) (of ? 2 each)
(a) Basic1.356.311.9911.678.23
(b) Diluted1.356.311.9911.678.23
Earnings Per Share (after extraordinary items) (of ` 2 each)
(a) Basic1.356.311.9911.678.23
(b) Diluted1.356.311.9911.678.23
PART II
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2015
Sr.No.ParticularsQuarter endedYear ended
31.03.201531.12.201431.03.201431.03.201531.03.2014
A PARTICULARS OF SHAREHOLDING
1Public shareholding*
- Number of shares411295072411295072359295072411295072359295072
- Percentage of shareholding65.6265.6257.3365.6257.33
2Promoters and Promoter Group
Shareholding
(a) Pledged / Encumbered
- Number of shares141586975142508975153637930141586975153637930
- Percentage of shares65.7266.1457.4565.7257.45
(as a % of the total
shareholding of promoter and
promoter group)
- Percentage of shares22.5922.7424.5122.5924.51
(as a % of the total
share capital of the Company)
(b) Non-encumbered
- Number of shares738640957294209511381314073864095113813140
- Percentage of shares34.2833.8642.5534.2842.55
(as a % of the total
shareholding of promoter and
promoter group)
- Percentage of shares11.7911.6418.1611.7918.16
(as a % of the total
share capital of the Company)
(*Public Shareholding includes shares held bycustodians of Global Depository Receipts issued)
Particulars3 months ended
BINVESTOR COMPLAINTS31.03.2015
Pending at the beginning of the quarterNil
Received during the quarter2
Disposed of during the quarter2
Remaining unresolved at the end of the quarterNil

STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2015
(? in crore)
Sr.No.ParticularsQuarter endedYear ended
31.03.201531.12.201431.03.201431.03.201531.03.2014
AuditedUnauditedAuditedAuditedAudited
1.Segment Revenue (net of excise duty):
(a) Power Systems776.67654.12860.902734.062843.07
(b) Consumer Products905.26723.23759.863232.652898.50
(c) Industrial Systems387.54383.97368.111504.441499.08
(d) Others89.27105.1379.34406.96384.70
Total2158.741866.452068.217878.117625.35
Less: Inter-Segment Revenue11.127.8511.6541.0954.65
Total income from operations (net)2147.621858.602056.567837.027570.70
2.Segment Results:
[Profit / (loss) before tax and finance
costs from each segment]
(a) Power Systems64.5552.6780.73222.64258.52
(b) Consumer Products121.4786.6290.67407.33337.46
(c) Industrial Systems39.2840.8530.87151.98152.87
(d) Others (25.17) (4.77)1.37 (39.00)1.88
Total200.13175.37203.64742.95750.73
Less:
(i) Finance costs (net) (7.40) (8.97) (3.81) (24.25) (22.02)
(ii) Other un-allocable expenditure
net of un-allocable income39.0413.8617.9880.34152.73
Profit from ordinary activities
before exchange gain / (loss),
exceptional items and tax168.49170.48189.47686.86620.02
3.Capital Employed:
(Segment Assets - Segment Liabilities)
(a) Power Systems1225.061163.39851.651225.06851.65
(b) Consumer Products (559.18)134.07121.16 (559.18)121.16
(c) Industrial Systems406.71380.83396.76406.71396.76
(d) Others237.04245.43189.36237.04189.36
(e) Unallocable2790.052106.341901.612790.051901.61
Total4099.684030.063460.544099.683460.54

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(` in crore)
Particulars As at 31.03.2015 As at 31.03.2014
 Audited Audited
AEQUITY AND LIABILITIES
1Shareholders' funds:
(a) Share capital125.35125.35
(b) Reserves and surplus3884.283230.72
Sub-total - Shareholders' funds4009.633356.07
2Non-current liabilities:
(a) Long-term borrowings634.260.54
(b) Deferred tax liabilities (net)68.0173.59
(c) Other long-term liabilities2.819.35
(d) Long-term provisions48.2241.91
Sub-total - Non-current liabilities753.30125.39
3Current liabilities:
(a) Short-term borrowings21.5029.99
(b) Trade payables1431.601563.07
(c) Other current liabilities408.38381.94
(d) Short-term provisions88.40130.30
Sub-total - Current liabilities1949.882105.30
TOTAL - EQUITY AND LIABILITIES6712.815586.76
BASSETS
1Non-current assets:
(a) Fixed assets788.49822.63
(b) Non current investments1005.04805.71
(c) Long-term loans and advances23.1442.67
Sub-total - Non-current assets 1816.671671.01
2Current assets:
(a) Current investments160.4520.63
(b) Inventories523.77557.78
(c) Trade receivables2263.701907.92
(d) Cash and bank balances302.44442.80
(e) Short-term loans and advances1533.89890.09
(f) Other current assets111.8996.53
Sub-total - Current assets 4896.143915.75
TOTAL - ASSETS6712.815586.76

Notes on standalone financial results:

The above audited standalone financial results have been reviewed by the Audit Committee at its meeting held on 22nd May, 2015 and approved by the Board of Directors at its meeting held on 28th May, 2015. The Company, during the year, declared interim dividends of ? 0.80 per share on equity shares of ? 2 each for financial year 2014-15. The Honourable High Court of Judicature at Bombay, has vide its Order dated 13th February, 2015, sanctioned the Scheme of Amalgamation of CG Energy Management Limited (CGEM or the Transferor Company) and CG-ZIV Power Automation Solutions Limited (CG-ZIV or the Transferor Company) with the Company. The appointed date of the Scheme is 1st April, 2014 and the effective date of the Scheme is 25th March, 2015. In accordance with the said Scheme and as per the approval of the Honourable High Court: The amalgamation has been accounted for under the pooling of interests method as prescribed by Accounting Standard (AS) 14 Accounting for Amalgamations specified by the Companies (Accounting Standards) Rules, 2006. As stipulated under the said Scheme, the Reserves of the Transferor Companies as at 31st March, 2014 has been transferred to the respective Reserves. CGEM and CG-ZIV being a 100% subsidiary of the Companies, the entire paid-up equity share capital and preference share capital would be cancelled and the Transferor Companies stands dissolved without winding-up; and The amalgamation would result into increase in the Authorised Share capital of the Company by ` 466,000,000/- comprising 233,000,000 Equity Shares of Rs.2 each.

Figures for the quarter / year ended 31st March, 2015 include the results of the erstwhile CGEM and CG-ZIV, subsequent to it's amalgamation with the Company. Figures of the corresponding quarter ended 31st December, 2014 have been restated to consider the effect of above arrangement.

Exceptional item of current quarter represent compensation to employees pursuant to Voluntary Retirement Scheme amounting to ` 7.49 crore. The Board of Directors of the Company at its meeting held on 19th February, 2015 has approved the revised Scheme of Arrangement between Crompton Greaves Limited (CGL) (Demerged Company) and Crompton Greaves Consumer Electricals Limited (CGCEL) (Resulting Company), a wholly-owned subsidiary, incorporated under the provisions of the Companies Act, 2013 and their respective shareholders and creditors. Upon approval of the revised Scheme, the original Scheme with Crompton Greaves Consumer Products Limited approved on 16th October, 2014 stands withdrawn. The revised Scheme proposes 100% vertical demerger of the Consumer Business.

This Scheme, inter alia, envisages the transfer of the Consumer Products Business and the related assets and liabilities into the Resulting Company and other consequential matters under the provisions of Sections 391 to 394 of the Companies Act, 1956 read with Section 78 (corresponding Section 52 of the Companies Act, 2013), Sections 100-103 and other applicable provisions of the said Act.

The proposed Scheme will come into effect from the Appointed Date, i.e. 1st October, 2015, subject to receipt of all regulatory approvals. Upon the implementation of the proposed Scheme, all the shares in the Resulting Company will be held directly by the shareholders of CGL and CGL will cease to be the shareholder / holding Company of CGCEL.

In line with Accounting Standard (AS) 24 Discontinuing Operations, the financial results of Consumer Products Business are given below:

(` in crore)
Particulars with respect to Discontinuing OperationQuarter EndedYear ended
31.03.201531.12.201431.03.201431.03.201531.03.2014
Net Sales/ Income from operations905.26723.23759.853232.652898.50
Profit from ordinary activities before tax114.1585.9789.73397.12332.89
Net profit from ordinary activities after tax76.9158.5663.76269.44236.70
Pursuant to enactment of the Companies Act, 2013 and its applicability for accounting periods commencing from 1st April, 2014, the Company has revised its policy of providing depreciation on fixed assets as per Schedule II to the said Act. Depreciation is now provided over the remaining useful life of fixed assets for all assets as against policy of providing on written down value basis for some assets and straight line basis for others. Consequently, depreciation for the quarter and year ended 31st March, 2015 is higher by ? 1.22 crore and ` 4.88 crore, respectively and profit before tax is lower by like amounts. Further, an amount of ? 2.05 crore (net of deferred tax) representing the carrying amount of the assets with revised useful life as Nil, has been charged to opening reserves as on 1st April, 2014. Figures of the previous quarters / year have been regrouped, wherever necessary.

Notice is hereby given pursuant to Section 91 of the Companies Act, 2013 that the Register of Members and Share Transfer Books will be closed from Saturday, 18th July, 2015 to Friday, 24th July, 2015 (both days inclusive), for the purpose of convening of the Annual General Meeting.

For Crompton Greaves Limited

Place: Mumbai Laurent Demortier

Date: 28th May, 2015 CEO & Managing Director

 

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2015
(` in crore)
Sr.ParticularsQuarter endedYear ended
No.31.03.201531.12.201431.03.201431.03.201531.03.2014
AuditedUnauditedAuditedAuditedAudited
1Income from operations
(a) Net Sales / Income from operations3808.073333.213806.0814013.1413631.53
(Net of excise duty)
(b) Other operating income - - - - -
Total income from operations (net)3808.073333.213806.0814013.1413631.53
2Expenses
(a) Cost of materials consumed1819.721930.471845.937211.067193.12
(b) Purchases of stock-in-trade601.28504.16513.272185.581993.21
(c) Changes in inventories of finished
goods, work-in-progress and stock-in-trade176.14 (142.83)169.00133.87 (51.07)
(d) Employee benefits expense504.18483.78507.871993.561952.06
(e) Depreciation and amortisation expense62.2966.5871.35262.03262.14
(f) Other expenses559.83405.45582.051846.631932.17
Total expenses3723.443247.613689.4713632.7313281.63
3Profit from operations before other income, finance costs, exchange gain / (loss) and exceptional items
84.6385.60116.61380.41349.90
4Other income18.8924.4684.00127.39149.05
5Profit from ordinary activities before finance costs, exchange gain / (loss) and exceptional items103.52110.06200.61507.80498.95
6Finance costs (net)29.7827.9130.48104.6996.66
7Profit from ordinary activities after finance costs, but before exchange gain / (loss) and exceptional items73.7482.15170.13403.11402.29
8Exchange gain / (loss) (44.83) (0.42)0.14 (47.42)92.43
9Exceptional items (net) - income / (loss) (177.16)267.54 - 90.38 -
10Profit from ordinary activities before prior period items and tax (148.25)349.27170.27446.07494.72
11Prior period items (17.72) - - (17.72) -
12Profit from ordinary activities after prior period items and before tax (165.97)349.27170.27428.35494.72
13Tax expense33.5676.4989.77221.99236.05
14Net profit / (loss) from ordinary activities after tax (199.53)272.7880.50206.36258.67
15Extraordinary items (net of tax expense ? Nil) - - - - -
16Net profit / (loss) for the period / year (199.53)272.7880.50206.36258.67
17Share of profit / (loss) in associates (net)1.15 (0.22) (17.20)1.55 (15.02)
18Minority interest (0.17)1.730.521.440.68
19Net profit / (loss) after taxes,minority interest and share of profit / (loss) of associates (net) (198.55)274.2963.82209.35244.33
20Paid-up equity share capital125.35125.35125.35125.35125.35
(Face value of equity share of ` 2 each)
21Reserves excluding Revaluation Reserve as per the balance sheet3663.513489.31
22Earnings Per Share (before extraordinary items)(of ` 2 each)
(a) Basic (3.17)4.381.013.343.86
(b) Diluted (3.17)4.381.013.343.86
Earnings Per Share (after extraordinary items)(of ` 2 each)
(a) Basic (3.17)4.381.013.343.86
(b) Diluted (3.17)4.381.013.343.86

 

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(` in crore)
Particulars As at 31-03-2015As at 31.03.2014
AuditedAudited
A EQUITY AND LIABILITIES
1Shareholders' Funds:
(a) Share capital125.35125.35
(b) Reserves and surplus3690.573519.21
Sub-total-Shareholders' funds3815.923644.56
2Minority Interest20.3011.75
3Non-current Liabilities:
(a) Long-term borrowings1903.911632.25
(b) Deferred tax liabilities200.60187.83
(c) Other long-term liabilities52.1867.80
(d) Long-term provisions65.4773.11
Sub-total-Non-current liabilities2222.161960.99
4Current Liabilities:
(a) Short-term borrowings622.57560.77
(b) Trade payables2528.092773.73
(c) Other current liabilities1435.591731.03
(d) Short-term provisions346.96333.33
Sub-total-Current liabilities4933.215398.86
TOTAL - EQUITY AND LIABILITIES10991.5911016.16
BASSETS
1Non-current Assets:
(a) Fixed assets2043.342300.33
(b) Goodwill on consolidation946.751158.81
(c) Non current investments280.59278.00
(d) Deferred tax assets311.64341.00
(e) Long-term loans and advances23.7049.89
Sub-total - Non-current assets 3606.024128.03
2Current Assets:
(a) Current investments160.8220.89
(b) Inventories1455.181671.39
(c) Trade receivables3731.773591.25
(d) Cash and bank balances689.30814.95
(e) Short-term loans and advances861.03466.44
(f) Other current assets487.47323.21
Sub-total - Current assets 7385.576888.13
TOTAL - ASSETS10991.5911016.16

Notes on consolidated financial results:

The above audited consolidated financial results have been reviewed by the Audit Committee at its meeting held on 22nd May, 2015 and approved by the Board of Directors at its meeting held on 28th May, 2015. In line with Accounting Standard (AS) 24 Discontinuing Operations, the financial results of Consumer Products Business are given below:
(` in crore)
Particulars with respect to Discontinuing OperationQuarter EndedYear ended
31.03.201531.12.201431.03.201431.03.201531.03.2014
Net Sales/ Income from operations905.26723.23759.853232.652898.50
Profit from ordinary activities before tax111.2985.9789.73394.26332.89
Net profit from ordinary activities after tax75.0258.5663.76267.55236.70
Exceptional items for the year ended 31st March, 2015 include the following:
(` in crore)
ParticularsQuarter EndedYear ended
31.03.201531.12.201431.03.201431.03.201531.03.2014
Profit on sale of land at Kanjurmarg, Mumbai. - 278.15 -278.15-
Compensation to employees pursuant to voluntary retirement scheme(7.49) (10.61) - (18.10) -
Project cost written-off(82.09) - - (82.09) -
Litigation claim (22.34) - - (22.34) -
Warranty claim(65.24) - - (65.24) -
Total (177.16)267.54 - 90.38 -
Prior Period items include:
(` in crore)
ParticularsQuarter EndedYear ended
31.03.201531.12.201431.03.201431.03.201531.03.2014
Volume discount on sales 6.41 - - 6.41 -
Legal claim 9.42 - - 9.42 -
Liquidated damages 1.89 - - 1.89 -
Total 17.72 -- 17.72 -
Figures of the previous quarters / year have been regrouped, wherever necessary.

For Crompton Greaves Limited

Place: Mumbai Date: 28th May, 2015 Laurent Demortier CEO & Managing Director

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