CG Power and Industrial Solutions on Thursday reported a 28 percent year-on-year (YoY) jump in consolidated net profit at Rs 546 crore for the third quarter ended December 31, 2021.

In the corresponding quarter last year, the company posted a net profit of Rs 425 crore.

The company's total income increased to Rs 1,558.89 crore in the latest quarter under review from Rs 834.51 crore in the year-ago period.

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The consolidated results include the performance of the operating subsidiaries in the USA (QEI, LLC) and in Sweden, Germany and Netherlands (Drives and Automation Europe) and other non-operating and holding subsidiaries, the filing said.

Sales in the latest December quarter were at Rs 1,551 crore as against Rs 820 crore in the year-ago period and profit before tax before exceptional items stood at Rs 174 crore as against Rs 64 crore during the same period.

The company completed the long-pending sale of land at Kanjurmarg during the December quarter and the entire sale proceeds of Rs 402 crore, including a refund of the security deposit, have been received. The proceeds were utilised to prepay long-term debt of Rs 363 crore, the filing said.

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The unexecuted order book at the end of December 2021 was at Rs 1,543 crore. CG Power and Industrial Solutions Ltd is a major company of the Chennai-headquartered Murugappa Group.

Shares of CG Power and Industrial Solutions ended at Rs 184.90, up by Rs 3.90, or 2.15 percent on the BSE.

(Edited by : Jomy Jos Pullokaran)