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CG Power and Industrial Solutions chalks out Rs 135 cr capex for FY22

Monday, 14 Jun 2021
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CG Power and Industrial Solutions, acquired by the Tube Investments of India Group Company of Murugappa Group, has chalked out capital expenditure plans of Rs 135 crore for FY22. 
 
The capex plan will be utilised to improve production at its manufacturing facilities. The Board of Directors of the company has approved a capex programme of Rs 135 crore to be implemented in FY22. 
 
The capex will be spent in balancing, debottlenecking and modernising facilities at the plants to improve production and productivity.
 
Tube Investments of India acquired CG Power and Industrial Solutions on 26 November 2020 and the board of reconstituted CG Power with Vellayan Subbiah becoming the new Chairman and Natarajan Srinivasan was appointed as Managing Director. 
 
On the financial performance, the company reported Rs 673.77 crore for Q4/FY21 as against a net loss at Rs 184.36 crore during Q4/FY20. For FY21 standalone net loss was at Rs 208.93 crore as compared to a net loss at Rs 1,799.20 crore recorded in FY20. 
 
The standalone total income for Q4/FY21 went upto Rs 1,036.06 crore from Rs 472.20 crore registered in Q4/FY20. For FY21, standalone total income stood at Rs 2,568.06 crore as against Rs 3,226.36 crore registered in FY20.  
 
Margins were impacted due to steep increase in materials costs (impact at five percent sales) as the company could not procure or cover these items earlier due to financial difficulties. 
 
The industrial systems division reported a 47 percent growth on sales for Q4/FY21 at Rs 740 crore while the order intake was higher at Rs 814 crore. 
 
The Power Systems division registered 40 percent Q-o-Q growth at Rs 282 crore and the order intake during Q4/FY21 was higher on Y-o-Y basis at Rs 814 crore. The order book in the power systems division was at Rs 1,057 crore.
 
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