Crompton Greaves Limited - QTRLY RESULTS - Q3 FY 2012 - 3rd Q/E DEC,2011 - NET SALES UP SEQUENTIALLY; NPT DOWN SEQUENTIALLY.

Crompton Greaves Limited

NSE Symbol        CROMPGREAV

CROMPTION GREAVES  has declared LOWER PROFITS on higher sales in the third quarter ending Dec,2011 (In consolidated manner).

Net Sales stands at Rs.3027.95 cr – up by 11.92% from Q2 FY 12; Up by 24.21% from q1 FY 12; and up by 4.12% from Q4 FY 11. The reason for comparing with Q4 FY 11 is – Q4 usually seems to be higher than other quarters – and uncomparable. So, we will need to look at last Q4 Numbers to estimate current Q4 performance.

Increase in SIT/WIP stands at Rs.406.31 cr – down by  -320.02% from Q2 FY 12; down by  -249.34% from Q1 FY 12; and up by  2641.63% from  q4 FY 11.

Raw Materials stands at Rs.1396.13 cr – down by -20.43% from Q2 FY 12; down by -13.30% from Q1 FY 12; and down by  -6.61% from Q4 FY 11.

Other Expenditure stands at Rs.322.67 cr – up by 6.83% from Q2 FY 12; up by 5.49% from q1 FY 12; and down by  -11.8% from Q4 FY 11.

Total Expenditure stands at Rs.2908 Cr – up by 13.94% from Q2 FY 12; up by 25.53% from Q1 FY 12; and up by 12.08% from Q4 FY 11.Expenditure has risen more than proportionately compared to Sales in Q2 Fy 12 and Q4 FY 11.

As a consequence, the Profit from Operations  has come down to Rs.119.95 cr – down by -21.78% from Q2 FY 12; down by -0.94% from Q1 FY 12; and down by -61.73% from Q4 FY 11.

Profit before tax stands at Rs.124.18 cr – down by  -24.57% from -0.87% from Q1 FY 12; and down by  -64.82% from Q4 FY 11.

Tax Expense stands at Rs.48.68 cr – up by 5.09% from Q2 FY 12;  up by 2.46% from q1 FY 12; and down by  -28.75% from Q4 FY 11.

Net Profit finally is down to Rs.75.50 cr – down by  -36.18% from Q2 FY 12; down by  -2.91% from Q1 FY 12; and down by  -69.38% from Q4 FY 11.

Consolidated NPT stands at Rs.77.14 Cr – down by  -33.88% from Q2 FY 12; down by -2.93% from Q1 FY 12; and down by  -69.32% from Q4 FY 11.

Face Value  is Rs.2.  Paid-up Equity is Rs.128.30 Cr

Basic EPS before EI is Rs.1.2 in Q3 FY 12; Rs. 1.82 in Q1 FY 12; Rs.         1.24 in q1 FY 12; and  Rs.4.51 in Q4 FY 11. It is to be watched if Crompton can boost up its performance in Q4 to the level of last year’s Q4.

The annual EPS is likely to be around Rs.5.46 based on Q1,Q2,Q3 performance.

The current Market Price is Rs.130.30, while the 52 week high price is Rs.296.70 And the  52 week low price  is Rs.107.10.

The PE Ratio is 23.86.

Current period results include results of subsidiaries acquired during the period specifically – Emotron in Sweden and QEI in USA. So, figures for current period are not comparable with corresponding periods. Figures for previous  periods are regrouped and reclassified by Crompton .

RESULTS TABLE

CROMPTION-CONSOL	Q3FY12	Q2FY12	%DIF1	Q1FY12	%DIF2	Q4FY11	%dif3
Net Sales	302795	270,553.00	11.92	243,774.00	24.21	290,803.00	4.12
Increase in SIT/WIP	40631	-18,467.00	-320.02	-27,207.00	-249.34	1,482.00	2641.63
Raw Materials	139613	175,451.00	-20.43	161,037.00	-13.30	149,502.00	-6.61
Traded goods	32729	25,022.00	30.80	28,965.00	12.99	38,737.00	-15.51
Employees Cost	39293	35,744.00	9.93	32,205.00	22.01	27,191.00	44.51
Depreciation	6267	7,263.00	-13.71	6,077.00	3.13	5,967.00	5.03
Other Expenditure	32267	30,205.00	6.83	30,588.00	5.49	36,583.00	-11.8
Total Expenditure	290800	255,218.00	13.94	231,665.00	25.53	259,462.00	12.08
Profit from Operations	11995	15,335.00	-21.78	12,109.00	-0.94	31,341.00	-61.73
Other Income	1546	2,150.00	-28.09	1,513.00	2.18	4,680.00	-66.97
Interest	1123	1,022.00	9.88	1,095.00	2.56	722	55.54
Profit before tax	12418	16,463.00	-24.57	12,527.00	-0.87	35,299.00	-64.82
Tax Expense	4868	4,632.00	5.09	4,751.00	2.46	6,832.00	-28.75
Extraordinary Items	-	-		-		3,812.00
Net Profit	7550	11,831.00	-36.18	7,776.00	-2.91	24,655.00	-69.38
Minority Interest	-33	-11	200.00	7	-571.43	21	-257.14
Shares of Associates	-131	176	-174.43	-178	-26.40	-509	-74.26
Consolidated NPT	7714	11,666.00	-33.88	7,947.00	-2.93	25,143.00	-69.32
Face Value (in Rs.)	2	2	0.00	2	0.00	2	0
Paid-up Equity	12830	12,830.00	0.00	12,830.00	0.00	12,830.00	0
Basic EPS before EI	1.2	1.82	-34.07	1.24	-3.23	4.51	-73.39
Basic EPS after EI	1.2	1.82	-34.07	1.24	-3.23	3.92	-69.39

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