In a significant development, shares of Crompton Greaves Consumer Electricals soared by 2.5% during morning trading on March 15, fueled by the company’s announcement of securing substantial orders from three key states: Maharashtra, Haryana, and Rajasthan.
Under the purview of the PM-KUSUM scheme, Crompton Greaves is entrusted with the task of supplying, installing, testing, and commissioning solar photovoltaic water pumping systems (SWPS) across these states, marking a noteworthy stride in the company’s renewable energy endeavors.
In Haryana, the company clinched an order for 193 SWPS units, valued at a commendable Rs 9.16 crore. Maharashtra, on the other hand, awarded Crompton Greaves an order for a staggering 2,000 SWPS units, amounting to a significant deal worth Rs 50.15 lakh crore. Meanwhile, Rajasthan’s order for 1,000 SWPS units, valued at Rs 20 crore, further underscores the company’s expansive reach and robust market presence.
The stringent timeline set forth in the regulatory filing mandates that all orders must be completed within 120 days, underscoring Crompton Greaves’ commitment to efficient project execution and timely delivery of services.
This multifaceted order win not only underscores Crompton Greaves’ leadership in the consumer electricals segment but also reaffirms its growing stature as a key player in the renewable energy landscape. As the company continues to expand its footprint and diversify its offerings, investors remain optimistic about its future growth trajectory and potential for value creation in the dynamic energy sector.
Despite a 3% decrease in consolidated net profit to Rs 85 crore, Crompton Greaves Consumer Electricals demonstrated robust performance in the December quarter, with revenue surging by 12% to reach Rs 1,693 crore.
Known for its diverse product portfolio ranging from fans, lamps, and luminaries to household appliances like water heaters, coolers, mixer grinders, and irons, Crompton Greaves Consumer Electricals continues to maintain its market presence and cater to varied consumer needs.
As of 9:50 am, the company’s stock was trading at Rs 281 on the National Stock Exchange, marking a 1% increase from the previous close. Despite a recent decline of 3.1% in the past three months, investors remain optimistic about the company’s growth prospects, considering its resilient performance and strong market position in the consumer electricals sector.
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