The company formed two years ago by demerger from
‘s power grid business.
While the Covid-19 pandemic impacted revenues, it is yet to see its topline revenues fully recover. The company caters to the power segment and demand tends to be cyclical.
The consolidated profit after tax was up by nearly 55 per cent at Rs 55 crore. On a pre-exceptional basis, the profit was actually lower than the December 2019 quarter.
However, there was an exceptional write-down of Rs 39 crore on account of demerger expenses. At the same time, the December 2020 quarter saw a clawback of Rs 32 crore towards previous provisions made for customer receivables, which has now been reversed.
The combination of exceptional loss in December 2019 and exceptional gain in December 2020 resulted in net profit growing.