CG Power and Industrial Solutions Ltd, part of the Murugappa Group, has reported a flat standalone PAT (profit after tax) at ₹240 crore for the quarter that ended March 31, 2024, amid a 17 per cent rise in revenue from operations.

Consolidated PAT for the March 2024 quarter reported a drop to ₹234 crore from ₹260 crore in the March 2023 quarter.

The company, which is making ₹7,600 crore investment in establishing an Outsourced Semiconductor Assembly and Test (OSAT) facility in Gujarat, saw its revenue grow to ₹2,084 crore from ₹1,788 crore in the year-ago quarter.

Revenue of the industrial systems business grew to ₹1,263 crore in Q4 of FY24 (₹1,196 in Q4 of FY23), while the power systems division’s revenue rose 39 per cent to ₹821 crore from ₹593 crore, according to a company statement.

Board approved capex

For the year ended March 31, 2024, the company’s PAT grew to ₹1,004 crore from ₹785 crore in FY23, while revenue was higher by 16 per cent at ₹7,610 crore when compared with ₹6,580 crore.

On a consolidated basis, the company’s PAT stood at ₹871 crore for FY24 when compared with ₹796 crore in FY23. Consolidated revenue grew to ₹8,046 crore from ₹6,973 crore.

During FY24, the Board had approved expansion capex for Switchgears (Nashik) at an investment of ₹155 crore, power transformers (Bhopal) at an investment of ₹31 crore, while ₹35 crore is planned for HT motors (Bhopal). The total expansion capex approved to date is ₹662 crore.

The company’s scrip closed at ₹547.10 per share, down 0.16 per cent, on BSE on Monday.