CG Power Q2 net before exceptional item up 5% to ₹223 cr.

CG Power Industrial and Solutions Ltd. (CG Power) standalone net profit for Q2 stood at ₹223 crore. The net profit for Q2FY23 stood at ₹355 crore (including an exceptional item of ₹142 crore).

Revenue from operations increased by 19% to ₹2,270 crore, of which Power Systems contributed ₹846 crore and Industrial Systems ₹1,425 crore.

The TI subsidiary generated a free cash flow of ₹227 crore. It had an unexecuted order book of ₹7,831 crore, which was 50% higher YoY.

On Monday, the board approved the capacity expansion of Power Transformer (T3) units in Bhopal by a further 5,000 MVA to 40,000 MVA at an additional cost of ₹27 crore.

The current capacity utilisation is around 85%. The expansion is expected to be implemented within a period of 18 months including the earlier project and will be funded through internal accruals. The expansion is proposed considering the expected increase in demand for transformers.