Crompton Greaves on Friday reported a net profit of Rs 36.81 crore in the quarter ended December 31, 2016, as compared to a net loss of Rs 95.73 crore in the corresponding period last financial year. The company’s gross sales for the quarter under review were at Rs 1,244.09 crore as against Rs 1,124.85 crore in the year-ago period. It also reported that revenue from its power systems segment was at Rs 662.23 crore while the same from industrial systems stood at Rs 578.73 crore.
The company has terminated share purchase agreement entered into with First Reserve, an offshore private equity firm for sale of overseas power T&D businesses at Indonesia, hungary, Ireland, France, US and Belgium, it said in a regulatory filing. The company will continue to identify new buyers for sale of these businesses in near future, it said.