Murugappa group firm CG Power and Industrial Solutions Ltd. (CG Power) is expecting strong growth in the railway business during this fiscal, said Managing Director N. Srinivasan.
“We will have strong growth this year, at least we can grow 40% in the topline in railways and the sales for the full year remains in the same range of over ₹1,300 crore,” he said during an analysts’ call.
Asked whether there was any progress in terms of tie-ups for propulsion system of train sets, he said the efforts were continuing and were in advanced stages.
“Currently, the company is serving the traditional locomotive market and by the end of this year, it will begin serving Vande Sadharan, Vande Metro and Vande Bharat [ entire propulsion system and motors],” said CG Power Railways Division Vice President C. Balakrishnan.
“Railways used to traditionally manufacture around 1,200 locomotives, they have gone up to 1,500 locomotives this year. And there is a limitation on approved suppliers, approvals and propulsion system, which generally takes around three years’ time. We are one of the approved suppliers and that gives us privilege... and we got the increased orders,” he said.
On EV motors and controller, CG Power’s Industrial Division President Ramesh Kumar said they had developed an application. The protos were under testing and two other applications were in advanced stage of design, he said.
During FY24, switchgear, transformer and railway businesses achieved the highest-ever sales, order input and profits, the company said in a statement.
Till date, the Board has approved an expansion capex of ₹662 crore, of which Switchgears (Nashik) will get ₹155 crore, power transformers (Bhopal) ₹31 crore and HT motors (Bhopal) ₹35 crore.
Published - June 14, 2024 07:59 pm IST
