Mumbai: Crompton Greaves Ltd has, during the year ended 31 March 2003, achieved a turnover of Rs 1,726.39 crore as against Rs 1,601.85 crore for the previous year, a growth of 8 per cent.

After providing for interest of Rs 64.43 crore (previous year: Rs 74.40 crore), depreciation of Rs 45.25 crore (previous year: Rs 44.26 crore) and amortisation of Rs 29.59 crore (previous year: Rs 27.56 crore), the profit before exceptional items and taxes is Rs 31.00 crore (previous year: Rs 10.45 crore), representing a 197-per cent improvement over the previous year.

The profit available for appropriation is Rs 28.17 crore (previous year: Rs 4.13 crore), an increase of 582 per cent over the previous year. This has been arrived at after providing a credit for exceptional items of Rs 6.20 crore (previous year: Rs -3.57 crore) and provision for tax including deferred tax of Rs 9.03 crore (previous year: Rs 2.75 crore).

The initiatives taken towards enhancement of productivity and cost-efficiencies have helped the company sustain its improved operating performance, says Crompton Greaves managing director S M Trehan. The accounts have been approved by the board at its meeting held on 22 May 2003.