Crompton Greaves wins ₹445 crore order to set up 2 KW solar rooftop system in Andhra Pradesh

Crompton Greaves Consumer Electricals Ltd. on Friday, October 24, said it has won an order worth ₹445.03 crore for a 2 kilowatt (KW) solar rooftop system in Andhra Pradesh.

The company won the order from the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP).

As per the order, Crompton Greaves said it has to solarise 38,699 SC and ST consumers through utility-led aggregation mode in five divisions of the state -- Kovur, Tirupati Rural, Puttur, Chittoor (O) and Chittoor (R).

Crompton Greaves will design, engineer, supply, install, test and commission the solar rooftop system.

The contract is to be executed in six months.

On another note, Crompton Greaves reported a 19.4% decline in its first quarter net profit to ₹122.3 crore from ₹151.7 crore in the previous year. Its revenue declined 6.5% to ₹1,998.3 crore, while its earnings before interest tax depreciation and amortisation (EBITDA) dropped 17.6% to ₹191.6 crore. Its operating margin contracted to 9.6% in the June quarter from 10.9% in the year-ago period.

Shares of Crompton Greaves were trading 0.3% up at ₹291.75 apiece around 11.20 am on Friday. The stock has declined 22.3% this year, so far.

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