Crompton Greaves Q1 net falls 58%

The company had posted a net profit of Rs 190.85 crore in the corresponding quarter last year.

Electrical appliances maker Crompton Greaves reported a 58.36 per cent decline in its consolidated net profit at Rs 79.47 crore for the quarter ended June 30,mainly due to rise in raw material expenses.

The company had posted a net profit of Rs 190.85 crore in the corresponding quarter last year,Crompton Greaves said in a filing to the Bombay Stock Exchange (BSE).

The consolidated net sales during the first quarter of this fiscal,however,rose by 5.89 per cent to Rs 2,437.74 crore from Rs 2,302.21 crore in the year-ago period,it added.

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Reacting to the numbers,the shares of the company fell drastically by 14.23 per cent and closed the day at Rs 207.65 apiece on the BSE.

During the quarter,the company’s total expenditure increased by 13.21 per cent to Rs 2,316.65 crore from Rs 2,046.39 crore in the same period of 2010-11.

The consumption of raw material went up by 34.54 per cent to Rs 1,610.37 crore in last quarter from 1,196.97 crore in April-June period in 2010,the filing said.

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