Crompton Greaves has dipped about 7% at Rs 101 after reporting a consolidated net loss of Rs 189 crore in quarter ended December 2012 (Q3) against profit of Rs 77 crore in a year ago quarter.
“The net profit of company impacted mainly due to employee liabilities of Rs 121 crore on account of restructuring of its operations in Europe,” Crompton Greaves said in statement.
Consolidated revenues also declined by 1.8% year-on-year (yoy) to Rs 2,972 crore as against Rs 3,028 crore in same quarter of previous year. The power segment which contributes to over 60% of the company's revenue performed badly reporting a decline in revenue and profit.
The restructuring at Belgium has led to EBIT losses of Rs 105 crore in power segment against profit of Rs 49 crore, which has dragged down OPM by 596 basis points (bps) yoy to 0.1%.
The stock opened at Rs 100 and hit a low of Rs 99.80, its lowest level since May 2009 on NSE. A combined 5.23 million shares have changed hands on the counter in early morning deals on both the exchanges.