Mumbai, Jan 24 (IANS) Electricals major Crompton Greaves Consumer Electricals (CGCEL) on Tuesday reported a rise of 39.29 per cent rise in its net profit for the third quarter (Q3) of 2016-17.
The company’s Q3 net profit grew to Rs 57.36 crore from Rs 41.18 crore reported in the corresponding quarter of last fiscal.
“Both the electrical consumer durables and the lighting segments maintained growth momentum despite the challenging operating environment. Managing the demonetisation challenge required some immediate actions to support our channel partners in dealing with the disruption,” company’s Managing Director Shantanu Khosla said.
The company’s total net income from operations in the quarter under review stood at Rs 888.92 crore, the company said in a filing to BSE.
“We will continue to monitor future impact of demonetisation closely and take appropriate actions. The encouraging performance in this challenging quarter demonstrates effective execution of our strategy,” he added.
In the nine months (April-December) period, electrical company’s net profit stood at Rs 204.25 crore as compared to Rs 38.58 crore in the corresponding period in 2015-16.
The company’s scrip at the BSE gained by 3.37 per cent during Tuesday’s trade to close at Rs 171.70 from its previous close of Rs 166.10.