Q1 FY 2023-24 Performance –YoY all the businesses grew in double digits and Profit before tax grew by 55%
PBT achieved in Q1 FY24 is the highest ever recorded in Q1 in recent times. Order book on hand as at 30 Jun 2023 aggregate to Rs. 4,909 crores.
FINANCIAL RESULTS (STANDALONE)
- Aggregate sales for the quarter were higher at Rs. 1,766 crores recording a growth of 13% YoY and lower by 1% QoQ.
- PBT was at Rs. 256 crores (14.5% of sales) in Q1FY24 as against Rs 165 crores (10.6% of sales) in Q1FY23 and Rs 252 crores (14.1% of sales) in Q4FY23.
- Margins were higher YoY on account of volume growth, softening in input costs, favourable product mix and procurement efficiencies.
- ROCE (annualised) for Q1FY24 was at 45% as against 38% in Q1FY23.
- Order intake for Q1FY24 was Rs. 2,514 crores (47% growth YoY) and Unexecuted Order Book as at 30 Jun 2023 was Rs. 4,909 crores (39% higher YoY).
Segment wise performance
Industrial Systems
- Aggregate sales for the quarter were higher at Rs. 1,255 crores recording a growth of 13% YoY and 5% QoQ
- PBIT was at Rs. 197 crores (15.7% of sales) in Q1FY24 as against Rs 153 crores (13.8% of sales) in Q1FY23 and Rs. 188 crores (15.8% of sales) in Q4FY23.
- Margins were higher YoY on account of volume growth, softening in input costs and procurement efficiencies.
- Order intake for Q1FY24 was Rs. 1,395 crores (27% growth YoY) and Unexecuted Order book as at 30 Jun 2023 was Rs. 2,035 crores (12% higher YoY).
Power systems
- Aggregate sales for the quarter were higher at Rs 512 crores recording a growth of 13% YoY and lower by 14% QoQ
- PBIT was at Rs. 63 crores (12.3% of sales) in Q1FY24 as against Rs 40 crores (8.8% of sales) in Q1FY23 and Rs. 75 crores (12.7% of sales) in Q4FY23.
- Margins were significantly higher YoY on account of higher realisations and favourable product mix.
- Order intake for Q1FY24 was Rs. 1,119 crores (84% growth YoY) and Unexecuted Order book as at 30 Jun 2023 was Rs. 2,874 crores (69% higher YoY).
FINANCIAL RESULTS (CONSOLIDATED)
Consolidated results include the performance of the operating Subsidiaries at Sweden, Germany and Netherlands (Drives and Automation Europe), CG Adhesives Products Ltd. (India) and other non-operating and holding subsidiaries.
The Company subsequent to quarter ended June 30, 2023 has concluded sale of QEI LLC, USA for a total consideration of USD 10.5 million free of cash/ debt.
- Aggregate sales for the quarter were higher at Rs. 1,874 crores recording a growth of 14% YoY and lower by 2% QoQ.
- PBT was at Rs. 263 crores (14.0% of sales) in Q1FY24 as against Rs 167 crores (10.1% of sales) in Q1FY23 and Rs 262 crores (13.8% of sales) in Q4FY23.
- Unexecuted Order Book of Drives and Automation, Europe as at 30 Jun 2023 was Rs. 136 crores (9% higher YoY).
Unaudited financial statements with detailed notes are available as part of stock exchange filing and in the company’s website www.cgglobal.com.
