Crompton Greaves slips over 6% despite 4-fold jump in Q3 net profit

NEW DELHI: CromptonGreaves Ltd plunged as much as 6.4 per cent in trade on Wednesday, even though the Avantha Group Company reported a consolidated net profit which shot up more than 4-fold to Rs 274.3 crore for the quarter ended December 31, driven by land sale in Mumbai.

Exceptional item represents profit on sale of portion of land at Kanjurmarg, Mumbai, amounting to Rs 278.15 crore.

Crompton Greaves reported a net profit of Rs 62 crore in the corresponding quarter of last fiscal.

At 09:55 a.m.; Crompton Greaves was trading 6.1 per cent lower at Rs 167.70. It hit a low of Rs 167.25 and a high of Rs 176.80 in trade today.

Total Income has decreased from Rs. 3429.69 crore for the quarter ended December 31, 2013 to Rs. 3357.67 crore for the quarter ended December 31, 2014.