CROMPTON GREAVES LD: Half-yearly Report

PART I 
       STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 
ENDED 30TH SEPTEMBER, 2012 
                                                                             
                       ` in crore
Sr.        Particulars                                       Quarter ended       
    Half Year ended    Year ended
No.                                                 30.09.2012 30.06.2012 
30.09.2011 30.09.2012 30.09.2011 31.03.2012 
                                                 Unaudited  Unaudited  
Unaudited  Unaudited  Unaudited    Audited 
1      Income from operations 
       Net sales / Income from operations          1670.21    1659.17    
1451.47    3329.38    2920.30    6485.38 
       (Net of excise duty) 
       Net Sales / Income from operations          1670.21    1659.17    
1451.47    3329.38    2920.30    6485.38 
2      Expenses 
       (a) Cost of materials consumed               841.24     888.60     
769.20    1729.84    1600.16    3467.62 
       (b) Purchases of stock-in-trade              384.41     421.32     
250.22     805.73     539.87    1265.47 


           (c) Changes in inventories of finished
           goods, work-in-progress


       and stock-in-trade                           (3.28)    (88.12)      
29.84    (91.40)    (49.59)     (7.39) 
       (d) Employee benefits                        100.96     101.42      
89.20     202.38     181.01     363.59 
       (e) Depreciation and amortisation             17.50      17.05      
26.71      34.55      55.29      90.71 
       (f) Other expenses                           199.87     177.59     
151.61     377.46     300.79     675.41 
       Total expenses                              1540.70    1517.86    
1316.78    3058.56    2627.53    5855.41 
3      Profit from operations before 
       other income and finance costs               129.51     141.31     
134.69     270.82     292.77     629.97 
4      Other income                                  14.67      18.07      
16.82      32.74      32.48      50.41 
5      Profit before finance costs                  144.18     159.38     
151.51     303.56     325.25     680.38 
6      Finance costs                                (5.93)     (2.40)       
0.05     (8.33)       1.48       3.68 
7      Profit from ordinary activities after 
       finance costs before tax                     150.11     161.78     
151.46     311.89     323.77     676.70 
8      Tax expense                                   38.42      41.51      
39.14      79.93      82.43     171.84 
9      Net profit from ordinary activities 
       after tax                                    111.69     120.27     
112.32     231.96     241.34     504.86 
10     Paid-up equity share capital 
       (Face value of equity share of ` 2 each)     128.30     128.30     
128.30     128.30     128.30     128.30 


    11     Reserves excluding Revaluation Reserve
           as per balance sheet of previous
           accounting year                                                      
                              2558.56


12     Earnings Per Share (of ` 2 each)               1.74       1.87       
1.75       3.61       3.76       7.87 
       Basic and diluted 
       (Not annualised)
PART I 
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 
30TH 


                                    SEPTEMBER, 2012
                                                                                


    ` in crore
Sr.   Particulars                    Quarter ended                   Half Year 
ended    Year ended
No.                              30.09.2012 30.06.2012 30.09.2011 30.09.2012 
30.09.2011 31.03.2012 
                              Unaudited  Unaudited  Unaudited  Unaudited  
Unaudited    Audited
  1   Income from operations 
  Net sales / Income from       1670.21    1659.17    1451.47    3329.38    
2920.30    6485.38 


      operations
      (Net of excise duty)


  Net Sales / Income from       1670.21    1659.17    1451.47    3329.38    
2920.30    6485.38 
  operations
  2   Expenses 
  (a) Cost of materials          841.24     888.60     769.20    1729.84    
1600.16    3467.62 
  consumed 
  (b) Purchases of               384.41     421.32     250.22     805.73    
 539.87    1265.47 
  stock-in-trade 
  (c) Changes in inventories     (3.28)    (88.12)      29.84    (91.40)    
(49.59)     (7.39) 


      of finished
        goods, work-in-progress
        and stock-in-trade


  (d) Employee benefits          100.96     101.42      89.20     202.38    
 181.01     363.59 
  (e) Depreciation and            17.50      17.05      26.71      34.55    
  55.29      90.71 
  amortisation 
  (f) Other expenses             199.87     177.59     151.61     377.46    
 300.79     675.41 
  Total expenses                1540.70    1517.86    1316.78    3058.56    
2627.53    5855.41
  3   Profit from operations 
  before 
  other income and finance       129.51     141.31     134.69     270.82    
 292.77     629.97 
  costs
  4   Other income                    14.67      18.07      16.82      32.74    
  32.48      50.41
  5   Profit before finance          144.18     159.38     151.51     303.56    
 325.25     680.38 
  costs
  6   Finance costs                  (5.93)     (2.40)       0.05     (8.33)     
1.48       3.68
  7   Profit from ordinary           150.11     161.78     151.46     311.89    
 323.77     676.70 
  activities after finance 
  costs before tax
  8   Tax expense                     38.42      41.51      39.14      79.93    
  82.43     171.84
  9   Net profit from ordinary       111.69     120.27     112.32     231.96    
 241.34     504.86 
  activities after tax
 10   Paid-up equity share 
  capital 
  (Face value of equity          128.30     128.30     128.30     128.30    
 128.30     128.30 
  share of ` 2 each)
 11   Reserves excluding Revaluation Reserve as per balance                      
       2558.56 
  sheet of previous accounting year
 12   Earnings Per Share (of ` 2       1.74       1.87       1.75       3.61     
3.76       7.87 


      each)
        Basic and diluted
        (Not annualised)


                      STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL 
EMPLOYED 


                                   FOR THE QUARTER ENDED 30TH SEPTEMBER, 2012
                                                                                


                   ` in crore
Sr.      Particulars                                     Quarter ended           
Half Year ended    Year ended
No.                                             30.09.2012 30.06.2012 
30.09.2011 30.09.2012 30.09.2011 31.03.2012 
                                             Unaudited  Unaudited  
Unaudited  Unaudited  Unaudited    Audited 
1.    Segment Revenue (net of excise duty): 
     (a) Power Systems                          623.59     594.83     
598.79    1218.42    1167.41    2747.42 
     (b) Consumer Products                      584.39     653.70     
480.14    1238.09    1023.81    2133.62 
     (c) Industrial Systems                     389.21     338.59     
376.57     727.80     738.29    1520.08 
     (d) Others                                  91.21      85.74       
3.02     176.95       5.83     129.90 
     Total                                     1688.40    1672.86    
1458.52    3361.26    2935.34    6531.02 
     Less: Inter Segment Revenue                 18.19      13.69       
7.05      31.88      15.04      45.64 
     Net Sales / Income from operations        1670.21    1659.17    
1451.47    3329.38    2920.30    6485.38 
2.    Segment Results: 


         [Profit before tax and finance costs
         from each segment]


     (a) Power Systems                           61.69      56.46      
67.16     118.15     138.85     319.75 
     (b) Consumer Products                       55.68      85.03      
54.27     140.71     129.64     262.88 
     (c) Industrial Systems                      60.13      42.98      
59.08     103.11     116.63     225.40 
     (d) Others                                   6.46       3.80       
0.29      10.26       0.64     (7.90) 
     Total                                      183.96     188.27     
180.80     372.23     385.76     800.13 
     Less: 
     (i) Finance costs                          (5.93)     (2.40)       
0.05     (8.33)       1.48       3.68 
     (ii) Other un-allocable expenditure 
     net of un-allocable income                  39.78      28.89      
29.29      68.67      60.51     119.75 
     Profit from Ordinary Activities 
     before tax                                 150.11     161.78     
151.46     311.89     323.77     676.70 
3.    Capital Employed: 
     (Segment Assets - Segment Liabilities) 
     (a) Power Systems                          924.57     935.16     
839.33     924.57     839.33     837.58 
     (b) Consumer Products                       67.01      62.67     
106.95      67.01     106.95      92.02 
     (c) Industrial Systems                     429.02     422.97     
336.17     429.02     336.17     399.92 
     (d) Others                                1502.15    1418.19    
1289.68    1502.15    1289.68    1422.04 
     Total                                     2922.75    2838.99    
2572.13    2922.75    2572.13    2751.56 
                                  STANDALONE STATEMENT OF ASSETS AND 
LIABILITIES 


                                                                                  
                         ` in crore


                               Particulars                                  
  As at 30.09.2012 As at 31.03.2012 
           Unaudited              Audited
A  EQUITY AND LIABILITIES 
1  Shareholders' funds 
(a) Share capital                                                             
        128.30           128.30 
(b) Reserves and surplus                                                      


           2744.80          2572.58
                                     Sub-total -
                                     Shareholders' funds                        


       2873.10          2700.88 
2  Non-current liabilities 
(a) Long-term borrowings                                                      
          1.21             2.06 
(b) Deferred tax liabilities (net)                                            
         47.01            43.23 
(c) Other long-term liabilities                                               
         25.77            24.94 
(d) Long-term provisions                                                      


             34.42            31.11
                                     Sub-total -
                                     Non-current liabilities                    


        108.41           101.34 
3  Current liabilities 
(a) Short-term borrowings                                                    
  -                            0.20 
(b) Trade payables                                                            
       1231.45          1171.03 
(c) Other current liabilities                                                 
        488.43           477.86 
(d) Short-term provisions                                                     


            131.60           119.18
                                     Sub-total -
                                     Current liabilities                        
           1851.48          1768.27
     TOTAL - EQUITY AND LIABILITIES                                               


       4832.99          4570.49 
B  ASSETS 
1  Non-current assets: 
(a) Fixed assets                                                              
        711.91           675.48 
(b) Non current investments                                                   
        543.59           543.59 
(c) Long-term loans and advances                                              
         19.61            22.16 
(d) Other non-current assets                                                 
  -                            0.80 


                                     Sub-total -
                                     Non-current assets                         


       1275.11          1242.03 
2  Current assets: 
(a) Current investments                                                       
        348.38           508.91 
(b) Inventories                                                               
        563.17           449.60 
(c) Trade receivables                                                         
       1755.82          1735.62 
(d) Cash and cash equivalents                                                 
        258.91           320.30 
(e) Short-term loans and advances                                             
        587.55           265.15 
(f) Other current assets                                                      


             44.05            48.88
                                     Sub-total -
                                     Current assets                             
           3557.88          3328.46
     TOTAL - ASSETS                                                               


       4832.99          4570.49
Notes on standalone financial results: 
1. The above unaudited standalone financial results have been
reviewed by the Audit Committee and approved by the Board of Directors at its
meeting held on 2nd November, 2012. The statutory auditors have carried out a
limited review of the financials of the Company as required under Clause 41 of
the Listing Agreement and the related report is being forwarded to the Stock
Exchanges. 
2. The Company, during the quarter, has reclassified its segments. They have
been identified in accordance with Accounting Standard (AS) 17 Segment
Reporting, considering the risks and returns profile of the businesses, their
organisation structure and the internal reporting systems. The operation of
Power Distribution business which was hitherto part of the Power Systems
segment has been segregated and reported under the segment "Others". The
figures pertaining to the corresponding previous periods have been regrouped
and restated for proper comparison. 
3. The Company has declared second interim dividend of ` 0.40 per share on
641,491,536 Equity Shares of ` 2 each for the financial year 2012-13. 
4. Figures of the previous periods / year have been regrouped and
reclassified, wherever necessary. 
Notice is hereby given pursuant to Section 154 of the Companies
Act, 1956 that the record date for the interim dividend will be Thursday, 8th
November, 2012, and the date for payment will be Tuesday, 20th November, 2012. 
 For Crompton Greaves Limited 
Place: Mumbai Laurent Demortier 
Date: 2nd November, 2012 CEO & Managing Director 
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 
30TH SEPTEMBER, 2012 
                                                                             
          ` in crore
Sr.        Particulars                          Quarter ended              Half 
Year ended    Year ended
No.                                    30.09.2012 30.06.2012 30.09.2011 
30.09.2012 30.09.2011 31.03.2012 
                                    Unaudited  Unaudited  Unaudited  
Unaudited  Unaudited    Audited 


           Income from
    1      operations
           Net Sales / Income from


       operations                     2924.17    2811.14    2705.53    
5735.31    5143.27   11248.58 


           (Net of excise duty)
           Net Sales / Income from


       operations                     2924.17    2811.14    2705.53    
5735.31    5143.27   11248.58 


    2      Expenses
           (a) Cost of materials


       consumed                       1640.36    1751.51    1754.51    
3391.87    3364.88    6443.31 
       (b) Purchases of 
       stock-in-trade                  384.41     421.32     250.22     
805.73     539.87    1265.47 


           (c) Changes in inventories
           of finished
           goods, work-in-progress


       and stock-in-trade          (53.38)      (297.23)   (184.67) 
(350.61)   (456.74)   (23.79) 
       (d) Employee benefits           441.96     420.87     357.44     
862.83     679.49    1466.21 
       (e) Depreciation and 
       amortisation                     54.43      46.61      72.63     
101.04     133.40     259.96 
       (f) Other expenses              374.34     347.92     302.05     
722.26     607.93    1293.74 
       Total expenses                 2842.12    2691.00    2552.18    
5533.12    4868.83   10704.90 


           Profit from operations
    3      before
           other income and


       finance costs                    82.05     120.14     153.35     
202.19     274.44     543.68 
4      Other income                     20.76      19.19      21.50      
39.95      36.63      52.40 
       Profit before finance 
5      costs                           102.81     139.33     174.85     
242.14     311.07     596.08 
6      Finance costs                    18.96       9.89      10.22      
28.85      21.17      46.34 


    7      Profit from ordinary
           activities after finance


       costs before tax                 83.85     129.44     164.63     
213.29     289.90     549.74 
8      Tax expenses                     41.38      44.50      46.32      
85.88      93.83     182.14 


    9      Net profit from ordinary
           activities after


       tax                              42.47      84.94     118.31     
127.41     196.07     367.60 


           Share of profit / (loss) in
    10     associates (net)            (0.95)           0.94     (1.76) (0.01)  
         0.02       5.34


11     Minority interest                 0.53       0.02       0.11       
0.55       0.04       0.65 


    12     Net profit after taxes,
           minority interest and
           share of profit / (loss)


       of associates (net)              42.05      85.90     116.66     
127.95     196.13     373.59 
       Paid-up equity share 
13     capital                         128.30     128.30     128.30     
128.30     128.30     128.30 


           (Face value of equity
           share of ` 2 each)
    14     Reserves excluding
           Revaluation Reserve
           as per the balance
           sheet of previous
           accounting year                                                      
                 3468.62


15     Earnings Per Share                0.65       1.34       1.82       
1.99       3.06       5.82 


           (of ` 2 each)
           Basic and diluted
           (Not annualised)


                     CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL 
EMPLOYED 


                                   FOR THE QUARETR ENDED 30TH SEPTEMBER, 2012
                                                                                


                   ` in crore
Sr       Particulars                                     Quarter ended           
Half year ended    Year ended
No.                                             30.09.2012 30.06.2012 
30.09.2011 30.09.2012 30.09.2011 31.03.2012 
                                             Unaudited  Unaudited  
Unaudited  Unaudited  Unaudited    Audited 
1.    Segment Revenue (net of excise duty): 
     (a) Power Systems                         1781.91    1676.30    
1761.08    3458.21    3277.68    7194.81 
     (b) Consumer Products                      584.39     653.70     
480.14    1238.09    1023.81    2133.62 
     (c) Industrial Systems                     481.58     405.05     
465.54     886.63     845.28    1820.24 
     (d) Others                                  94.48      89.78       
5.82     184.26      11.54     145.55 
     Total                                     2942.36    2824.83    
2712.58    5767.19    5158.31   11294.22 
     Less: Inter Segment Revenue                 18.19      13.69       
7.05      31.88      15.04      45.64 
     Net Sales / Income from operations        2924.17    2811.14    
2705.53    5735.31    5143.27   11248.58 
2.    Segment Results: 


         [Profit before tax and finance costs
         from each segment]


     (a) Power Systems                           10.00      42.78      
93.43      52.78     133.51     248.53 
     (b) Consumer Products                       55.68      85.03      
54.27     140.71     129.64     262.88 
     (c) Industrial Systems                      70.30      36.47      
55.79     106.77     106.64     210.28 
     (d) Others                                   6.61       3.94       
0.65      10.55       1.79     (5.39) 
     Total                                      142.59     168.22     
204.14     310.81     371.58     716.30 
     Less: 
     (i) Finance costs                           18.96       9.89      
10.22      28.85      21.17      46.34 
     (ii) Other un-allocable expenditure 
     net of un-allocable income                  39.78      28.89      
29.29      68.67      60.51     120.22 
     Profit from Ordinary Activities before 
     tax                                         83.85     129.44     
164.63     213.29     289.90     549.74 
3.    Capital Employed: 
     (Segment Assets - Segment Liabilities) 
     (a) Power Systems                         3706.13    2874.84    
2472.23    3706.13    2472.23    2554.00 
     (b) Consumer Products                       67.01      62.67     
106.95      67.01     106.95      92.02 
     (c) Industrial Systems                     845.87     859.31     
756.25     845.87     756.25     823.43 
     (d) Others                                 707.14    1035.03    
1044.66     707.14    1044.66    1149.89 
                             CONSOLIDATED STATEMENT OF ASSETS AND 
LIABILITIES 


                                                                                
                         ` in crore


  Particulars                                                               
  As at 30.09.2012 As at 31.03.2012 
                                                                             
 Unaudited         Audited
  A   EQUITY AND LIABILITIES 


    1   Shareholders' Funds
      (a) Share capital                                                         
            128.30           128.30
      (b) Reserves and surplus                                                  
           3568.43          3482.64
                                              Sub-total-
                                              Shareholders' funds               
           3696.73          3610.94
    2   Minority Interest                                                         
             12.67            15.66
    3   Non-current Liabilities
      (a) Long term borrowings                                                  
           1352.68           616.26
      (b) Deferred tax liabilities                                              
            141.62           135.59
      (c) Other long term liabilities                                           
            181.88           187.43
      (d) Long term provisions                                                  
             87.75            83.84
                                              Sub-total-
                                              Non-current liabilities           
           1763.93          1023.12
    4   Current Liabilities
      (a) Short term borrowings                                                 
            292.93           368.59
      (b) Trade payables                                                        
           2237.60          2107.58
      (c) Other current liabilities                                             
           1365.32          1344.46
      (d) Short term provisions                                                 
            301.82           294.85
                                                    Sub-total-
                                                    Current liabilities         
           4197.67          4115.48
        TOTAL - EQUITY AND LIABILITIES                                            
           9671.00          8765.20
    B   ASSETS
    1   Non-current Assets:
        (a) Fixed assets                                                          
           1997.83          1669.32
      (b) Goodwill on consolidation                                             
           1052.47           588.21
      (c) Non current investments                                               
            277.80           277.26
      (d) Deferred tax assets                                                   
            237.73           186.89
      (e) Long-term loans and advances                                          
             29.15            32.21


  (f) Other non-current assets                                              
  -                            0.80 


                                                    Sub-total -
                                                    Non-current assets          
           3594.98          2754.69
    2   Current Assets:
      (a) Current investments                                                   
            348.66           509.15
      (b) Inventories                                                           
           1743.04          1223.27
      (c) Trade receivables                                                     
           3162.70          3143.26
      (d) Cash and cash equivalents                                             
            275.52           496.79
      (e) Short-term loans and advances                                         
            409.49           490.02
      (f) Other current assets                                                  
            136.61           148.02
                                                    Sub-total -
                                                    Current assets              
           6076.02          6010.51
        TOTAL - ASSETS                                                            
           9671.00          8765.20

Notes on consolidated financial results:

1. The above unaudited consolidated financial results have been
reviewed by the Audit Committee and approved by the Board of Directors at its
meeting held on 2nd November, 2012.

2. The Company has changed its accounting policy effective April 1, 2012 in
respect of goodwill arising on acquisition of business. The company would be
doing an annual impairment testing for goodwill instead of the current
practice of amortization. The Management believes, this change in accounting
policy aligns well with leading international practices and reflects enduring
benefits to be derived from goodwill arising on acquisitions.

Had the Company not changed the accounting policy as above, depreciation and
amortization for the quarter ended 30th September, 2012 and half year ended
30th September, 2012 would have been higher by ` 18.82 crore and ` 37.64 crore
respectively and net profit would have been lower by the same amount.

3. The Company, during the quarter, through its overseas subsidiary, has
acquired Spain based ZIV Group for an enterprise value of Euro 150 million.
The ZIV Group is engaged in business of providing digital equipment for Grid
Automation and Advanced Metering Infrastructure (AMI).

4. The Company, during the quarter, has reclassified its segments. They have
been identified in accordance with Accounting Standard (AS) 17 Segment
Reporting, considering the risks and returns profile of the businesses, their
organisation structure and the internal reporting systems. The operation of
Power Distribution business which was hitherto part of the Power Systems
segment has been segregated and reported under the segment "Others". The
figures pertaining to the corresponding previous periods have been regrouped
and restated for proper comparison.

5. The Company, during the quarter, has incurred expenses for right sizing of
its subsidiaries located in Europe as well as for capacity enhancement. The
restructuring expenses will be reclassified as exceptional items after
completion of the entire process.

6. Current period includes, the results of the subsidiaries
acquired during the quarter i.e. ZIV Group in Spain. Consequently, figures for
the current period are not comparable with the figures of the previous periods
/ year. Figures for the previous periods / year have been regrouped and
reclassified, wherever necessary.

For Crompton Greaves Limited

Place: Mumbai Laurent Demortier

Date: 2nd November, 2012 CEO & Managing Director
    END

-0- Nov/05/2012 09:52 GMT