Crompton Greaves rises as Q4 net more than doubles

Profit rose 2.5 times to Rs 63.82 crore in fourth quarter ended March 2014 against Rs 25.27 core in Jan-Mar 2013

Shares of Crompton Greaves were up over 3% at Rs 184 after the company's profit rose 2.5 times to Rs 63.82 crore in fourth quarter as against Rs 25.27 core profit in same period last year due to improvement in power systems business and rise in other income.

However company's international operations continue to lose money. On a stand alone basis Crompton Greaves reported a net profit of Rs 126 crore up from Rs 107 crore in same period last year.

Power systems business reported 17.3 percent growth in revenue and made a profit of Rs 112 crore as against a loss of Rs 58 crore in Q4 of FY 2013. Other income too jumped from Rs 5 crore to Rs 84 crore.

The stock opened at Rs 181 and touched a high of Rs 185.55 and a low of Rs 180.70 so far. Over 1.3 million shares were traded on both the stock exchanges so far.