Crompton Greaves appointed as MSEDCL franchise for power distribution

26 May 2011

Crompton Greaves has been awarded a contract as franchisee of Maharashtra State Electricity Distribution Company (MSEDCL) for power distribution in Jalgaon circle in Maharashtra. The company has been appointed franchise for a period of ten years and a Letter of Intent (LOI) has been executed for same between the company and MSEDCL.

Besides, Crompton Greaves, part of $4 billion Avantha Group, has just concluded an arrangement for the acquisition of Sweden based Emotron Group for an enterprise value equivalent to 57.8 million Euros. This is company’s eight acquisitions in a span of 6 years. With this acquisition, the Company has achieved its ambition of becoming a global player capable of providing comprehensive solutions in its industrial systems business.

The company’s net profit for the quarter ended March 31, 2011 has decline by 5.82% at Rs 217.64 crore as compared to Rs 231.09 crore for the quarter ended March 31, 2010. Its total income has increased by 8.26% at Rs 1788.37 crore for the quarter under review from Rs 1651.88 crore for the corresponding quarter of the previous year.

The company has registered growth of 12.47% in its net profit for the year ended March 31, 2011 at Rs 694.33 crore as compared to Rs 617.34 crore for the year ended March 31, 2010. Its total income has increased by 12.67% at Rs 6030.85 crore for the year ended March 31, 2011 from Rs 5352.74 crore for the year ended March 31, 2010.

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