The shares of the electrical equipment manufacturer gained up to 2 after the company 2.1 percent after the company secured its fourth consecutive order for a solar water pumping system worth Rs 9 crore.
With a market capitalization of Rs 17,299.58 crore, the shares of Crompton Greaves Consumer Electricals Ltd were trading at Rs 269 per share, increasing around 1.74 percent as compared to the previous closing price of Rs 264.65 apiece.
According to the company filing, Crompton Greaves Consumer Electricals Ltd has received its fourth consecutive order for a solar water pumping system from HAREDA, Haryana, via the PM-KUSUM Scheme. covers the provision, installation, and commissioning of 7.5 HP DC, 10 HP AC, and 10 HP DC solar photovoltaic water pumping systems totaling more than Rs. 9 crore. HAREDA has received a total of Rs 65.6 crore in orders so far.
Moreover, Crompton has secured a Letter of Empanelment for 2500 solar pumping systems in Maharashtra from Maharashtra State Electricity Distribution Co. Ltd for 500 systems and Maharashtra Energy Development Agency for 2000 systems.
The Commissioner of Horticulture in Rajasthan has issued another letter of empanelment for 1000 solar pumping systems. The entire value of the Letter of Empanelment received is roughly Rs 85 crore.
Crompton also plans to deploy over 10,000 solar-powered pumps under the PM-KUSUM Scheme in the coming years as part of its efforts to make a difference in the energy efficiency sector.
Looking into Crompton Greaves Consumer Electricals Ltd, the company’s revenue increased by 11 percent, from Rs 1,516 crore in Q3FY23 to Rs 1,693 crore in Q3FY24. During the same period, net profit decreased by 3.4 percent, from Rs 88 crore to Rs 85 crore.
Crompton Greaves Consumer Electricals Limited is an independent company managed by professionals that works in two business segments: lighting and electrical consumer durables. In India and select export nations, the company markets its products under the “Crompton” brand name.
Written by:- Abhishek Singh
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