Crompton Greaves, power equipment and electrical appliances maker, is seeing a delay in new orders in the domestic market due to a slowdown in project finalisation by customers. The company posted a drop in overseas revenues for the June quarter due to slowdown and unrest in Africa and the Middle East earlier this year also hurt business in the region.
The company’s net profit for the first quarter declined by 9.25% at Rs 129.02 crore as compared to Rs 142.17 crore for the corresponding quarter last year. Total income has increased by 9.34% at Rs 1484.49 crore for the quarter under review from Rs 1357.69 crore for the same quarter last year.
On consolidated basis, the Group‘s net profit fell by 58.36% at Rs 79.47 crore for the quarter ended June 30, 2011 as compared to Rs 190.85 crore for the quarter ended June 30, 2010. Total income has increased by 5.70% to Rs 2452.87 crore for the quarter from Rs 2320.51 crore for the similar quarter last year.