CGVD.L Regulatory News (CGVD)

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 29th October, 2015. The statutory auditors have carried out a limited review of the financials of the Company as required under Clause 41 of the Listing Agreement and the related report is being forwarded to the Stock Exchanges. Exceptional item of current quarter represent compensation to employees pursuant to Voluntary Retirement Scheme amounting to ` 0.13 crore. The Board of directors has approved on 8th October, 2015, divestment of its entire investment of 600,000 equity shares of ` 10 each which constitute 50% share holding in CG Lucy Switchgear Limited (CG-Lucy) to W Lucy & Co. Limited, U.K. for a consideration of Euro 5.50 million (equivalent to ` 40.26 crore). The Board of Directors has also approved on 16th October, 2015, entering into a definitive agreement for the sale of a portion of its land at Kanjurmarg, Mumbai, admeasuring approximately 53,000 square meters for an aggregate sum of ` 496.48 crore. The Company had entered into Distribution Franchise Agreement (DFA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) on 1st June, 2011 for the distribution of electricity to existing and future consumers in the Jalgaon Circle Area and to perform all the statutory obligations and duties of MSEDCL in the Distribution Franchise Area. The Company had been managing this business since November, 2011.

There have been however, consistent unresolvable differences between MSEDCL and the Company and hence, during the quarter, the Company has expressed its inability to continue to carry out the distribution franchise and terminated the DFA w.e.f. 12th August, 2015.

The Company has raised a demand on MSEDCL and vice versa and the matter is under dispute. The Company and MSEDCL are in the process of constitution of Permanent Dispute Resolution Body (PDRB). The financial impact of the dispute / demand will be considered after final outcome from PDRM.

In line with Accounting Standard (AS) 24 Discontinued Operations, the financial results of Distribution Franchise Business are given below for information:

						(` in crore)
Particulars with respect to Discontinued Operation	Quarter Ended			Six months ended		Previous year ended
	30.09.2015	30.06.2015	30.09.2014	30.09.2015	30.09.2014	31.03.2015
Net Sales/ Income from operations	52.87	108.18	94.40	161.05	212.56	406.96
Loss from ordinary activities before tax	(10.45)	(16.59)	(1.28)	(27.04)	(1.89)	(24.56)
Loss from ordinary activities after tax	(10.45)	(16.59)	(1.28)	(27.04)	(1.89)	(24.56)

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 Operation	Quarter Ended			Six months ended		Previous year ended
	30.09.2015	30.06.2015	30.09.2014	30.09.2015	30.09.2014	31.03.2015
Net Sales/ Income from operations	804.42	970.82	743.09	1,775.24	1,604.16	3,232.65
Profit from ordinary activities before tax	64.05	120.56	89.26	184.61	197.00	397.12
Net profit from ordinary activities after tax	42.80	80.53	60.77	123.33	133.97	269.44

Figures of the previous quarters / year have been regrouped, wherever necessary.

For Crompton Greaves Limited

Place: Gurgaon Laurent Demortier

Date: 29th October, 2015 CEO & Managing Director

DIN: 03520825

 

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEMPTEMBER, 2015
																									(` in crore)
Sr.				Particulars									Quarter ended							Six months ended					Previous year ended
No.													30.09.2015		30.06.2015		30.09.2014			30.09.2015		30.09.2014			31.03.2015
													Unaudited		Unaudited		Unaudited			Unaudited		Unaudited			Audited
1				Income from operations
				(a) Net Sales / Income from operations									3216.13		3165.80		3430.32			6381.93		6871.86			14013.14
				(Net of excise duty)
				(b) Other operating income									-		-		-			-		-			-
				Total income from operations (net)									3216.13		3165.80		3430.32			6381.93		6871.86			14013.14
2				Expenses
				(a) Cost of materials consumed									1550.04		1694.31		1781.04			3244.35		3472.58			7211.06
				(b) Purchases of stock-in-trade									468.81		623.62		497.21			1092.43		1080.14			2185.58
				(c) Changes in inventories of finished
				goods, work-in-progress and stock-in-trade									139.06		(157.78)		62.91			(18.72)		100.56			133.87
				(d) Employee benefits expense									479.23		472.07		486.77			951.30		993.89			1993.56
				(e) Depreciation and amortisation expense									67.60		68.01		66.11			135.61		133.16			262.03
				(f) Other expenses									422.29		454.49		434.00			869.46		881.35			1846.63
				Total expenses									3127.03		3154.72		3328.04			6274.43		6661.68			13632.73
				Profit from operations before other income, finance costs, exchange gain / (loss) and exceptional items
3													89.10		11.08		102.28			107.50		210.18			380.41
4				Other income									19.52		45.56		55.17			57.76		84.04			127.39
5				Profit from ordinary activities before finance costs, exchange gain / (loss) and exceptional items									108.62		56.64		157.45			165.26		294.22			507.80
6				Finance costs (net)									34.71		27.99		22.54			62.70		47.00			104.69
7				Profit from ordinary activities after finance costs, but before exchange gain / (loss) and exceptional items									73.91		28.65		134.91			102.56		247.22			403.11
8				Exchange gain / (loss)									31.79		52.84		(9.70)			84.63		(2.17)			(47.42)
9				Exceptional items (net) - income / (loss)									(0.13)		(1.10)		-			(1.23)		-			90.38
10				Profit from ordinary activities before prior period items and tax									105.57		80.39		125.21			185.96		245.05			446.07
11				Prior period items									-		-		-			-		-			(17.72)
12				Profit from ordinary activities after prior period items and before tax									105.57		80.39		125.21			185.96		245.05			428.35
13				Tax expense									55.71		65.30		56.98			121.01		111.94			221.99
14				Net profit / (loss) from ordinary activities after tax									49.86		15.09		68.23			64.95		133.11			206.36
15				Extraordinary items (net of tax expense ? Nil)									-		-		-			-		-			-
16				Net profit / (loss) for the period / year									49.86		15.09		68.23			64.95		133.11			206.36
17				Share of profit / (loss) in associates (net)									1.14		0.89		1.42			2.03		0.62			1.55
18				Minority interest									1.14		0.03		(0.06)			1.17		(0.12)			1.44
19				Net profit / (loss) after taxes,minority interest and share of profit / (loss) of associates (net)									52.14		16.01		69.59			68.15		133.61			209.35
20				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)
21				Reserves excluding Revaluation Reserve as per the balance sheet of previous accounting year																					3663.51
22				Earnings Per Share (before extraordinary items)(of ` 2 each) (not annualised)
				(a) Basic									0.83		0.26		1.11			1.09		2.13			3.34
				(b) Diluted									0.83		0.26		1.11			1.09		2.13			3.34
				Earnings Per Share (after extraordinary items)(of ` 2 each) (not annualised)
				(a) Basic									0.83		0.26		1.11			1.09		2.13			3.34
				(b) Diluted									0.83		0.26		1.11			1.09		2.13			3.34
CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2015
																							(` in crore)
Sr.No.		Particulars								Quarter ended									Six months ended				Previous year ended
										30.09.2015				30.06.2015		30.09.2014			30.09.2015		30.09.2014		31.03.2015
										Unaudited				Unaudited		Unaudited			Unaudited		Unaudited		Audited
1.		Segment Revenue (net of excise duty):
		(a) Power Systems								1895.03				1635.30		2137.81			3530.33		4157.08		8,573.96
		(b) Consumer Products								804.42				970.82		743.09			1775.24		1604.16		3,232.65
		(c) Industrial Systems								476.47				458.66		461.79			935.13		914.38		1,840.93
		(d) Others								56.22				111.70		97.16			167.92		218.36		418.74
		Total								3232.14				3176.48		3439.85			6408.62		6893.98		14066.28
		Less: Inter-Segment Revenue								16.01				10.68		9.53			26.69		22.12		53.14
		Total income from operations (net)								3216.13				3165.80		3430.32			6381.93		6871.86		14013.14
2.		Segment Results:
		[Profit / (loss) before tax and finance
		costs from each segment]
		(a) Power Systems								37.16				(71.65)		47.75			(34.49)		83.39		134.93
		(b) Consumer Products								73.95				138.66		88.85			212.61		197.56		401.35
		(c) Industrial Systems								46.92				34.09		42.30			81.01		73.11		140.04
		(d) Others								(15.90)				(20.10)		(4.25)			(36.00)		(8.20)		(37.86)
		Total								142.13				81.00		174.65			223.13		345.86		638.46
		Less:
		(i) Finance costs (net)								34.71				27.99		22.54			62.70		47.00		104.69
		(ii) Other un-allocable expenditure
		net of un-allocable income								33.51				24.36		17.20			57.87		51.64		130.66
		Profit / (loss) from ordinary activities before exchange gain / (loss), exceptional items, prior period items and tax								73.91				28.65		134.91			102.56		247.22		403.11
3.		Capital Employed:
		(Segment Assets - Segment Liabilities)
		(a) Power Systems								4123.18				4076.74		4581.18			4123.18		4581.18		4,086.05
		(b) Consumer Products								(630.96)				(552.84)		101.02			(630.96)		101.02		(559.06)
		(c) Industrial Systems								939.91				903.08		915.50			939.91		915.50		890.88
		(d) Others								252.54				219.50		262.07			252.54		262.07		251.16
		(e) Unallocable								1104.88				1036.24		653.87			1104.88		653.87		1,103.31
		Total								5789.55				5682.72		6513.64			5789.55		6513.64		5772.34
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
																		(` in crore)
	Particulars											As at 30.09.2015						As at 31.03.2015
												Unaudited						Audited
A	EQUITY AND LIABILITIES
1	Shareholders' Funds:
	(a) Share capital											125.35						125.35
	(b) Reserves and surplus											3781.77						3690.57
					Sub-total-Shareholders' funds							3907.12						3815.92
2	Minority Interest											19.75						20.30
3	Non-current Liabilities:
	(a) Long-term borrowings											1708.28						1903.91
	(b) Deferred tax liabilities											200.76						200.60
	(c) Other long-term liabilities											51.47						52.18
	(d) Long-term provisions											73.55						65.47
					Sub-total-Non-current liabilities							2034.06						2222.16
4	Current Liabilities:
	(a) Short-term borrowings											482.19						622.57
	(b) Trade payables											2482.38						2528.09
	(c) Other current liabilities											1784.96						1435.59
	(d) Short-term provisions											388.01						346.96
						Sub-total-Current liabilities						5137.54						4933.21
	TOTAL - EQUITY AND LIABILITIES											11098.47						10991.59
B	ASSETS
1	Non-current Assets:
	(a) Fixed assets											2096.02						2043.34
	(b) Goodwill on consolidation											1030.40						946.75
	(c) Non current investments											283.15						280.59
	(d) Deferred tax assets											315.31						311.64
	(e) Long-term loans and advances											43.95						23.70
						Sub-total - Non-current assets						3768.83						3606.02
2	Current Assets:
	(a) Current investments											234.15						160.82
	(b) Inventories											1501.35						1455.18
	(c) Trade receivables											3789.03						3731.77
	(d) Cash and bank balances											393.99						689.30
	(e) Short-term loans and advances											1006.46						861.03
	(f) Other current assets											404.66						487.47
						Sub-total - Current assets						7329.64						7385.57
	TOTAL - ASSETS											11098.47						10991.59

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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 29th October, 2015. The Committee of Directors of the Company, at its meeting held on 26th October 2015, has approved the sale of Company’s Power Systems Business in Canada to PT Holdings Corporation in a structured deal for an enterprise value of Canadian $20 million subject to post-closing adjustments. The Company has entered into definitive Business Purchase Agreement with PT Holdings Corporation and as per the agreement, the structure of the deal and its commercial terms remain subject to customary conditions precedent and applicable regulatory approvals.

In line with Accounting Standard (AS) 24 Discontinuing Operations, the financial results of above operations are given below for information:

						(` in crore)
Particulars with respect to Discontinuing Operation	Quarter Ended			Six months ended		Previous year ended
	30.09.2015	30.06.2015	30.09.2014	30.09.2015	30.09.2014	31.03.2015
Net Sales/ Income from operations	96.78	63.51	79.21	160.29	191.10	416.22
Loss from ordinary activities before exceptional items, prior period items and tax	(2.03)	(7.20)	(11.52)	(9.23)	(12.24)	(16.49)
Loss from ordinary activities after exceptional items, prior period items and before tax	(2.03)	(7.20)	(11.52)	(9.23)	(12.24)	(34.21)
Net loss from ordinary activities after tax	(2.03)	(7.20)	(11.76)	(9.23)	(12.71)	(49.76)

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 Operation	Quarter Ended			Six months ended		Previous year ended
	30.09.2015	30.06.2015	30.09.2014	30.09.2015	30.09.2014	31.03.2015
Net Sales/ Income from operations	804.42	970.82	743.09	1,775.24	1,604.16	3,232.65
Profit from ordinary activities before tax	60.24	120.44	89.26	180.68	197.00	394.26
Net profit from ordinary activities after tax	40.27	80.46	60.77	120.73	133.97	267.55

Figures of the previous quarters / year have been regrouped, wherever necessary.

For Crompton Greaves Limited

Place: Gurgaon Laurent Demortier

Date: 29th October, 2015 CEO & Managing Director

DIN: 03520825