Crompton Greaves Consumer Electricals Ltd announces its results for Q3 FY24

Crompton Greaves Consumer Electricals Ltd. ('Company'), India's leading Consumer Durables player, reported its standalone & consolidated financials for the third quarter ended 31st December 2023.

Financial highlights:

Standalone revenue for the quarter at Rs. 1,458 Cr, EBITDA at Rs. 147 Cr, PBT at Rs. 126 Cr Consolidated revenue for the quarter at Rs. 1,693 Cr, EBITDA at Rs. 150 Cr, PBT at Rs. 112 Cr

Crompton 2.0 at work:

We continue to drive the Crompton 2.0 program leading to strong revenue growth for the second consecutive quarter driven by industry leading growth in ECD segment and consistent investments towards brand, innovation and Go-To-Market excellence.

We bagged the award of 'Most Energy Efficient Appliance of the Year' for water heaters from the President of India reflecting our continued commitment to sustainability.

Segment performance:

Industry leading ECD performance with revenue growth of 19% YoY following a strong Q2 ECD growth of 17% YoY.

ECD performance was bolstered by Fans (+11% YoY), Pumps (+28% YoY) and Appliances (+23% YoY). Fans witnessed strong momentum driven by improved saliency of premium ceiling fans and growth in Table, Pedestal & Wall (TPW) fans. We continue to gain market share in premium fans. Robust growth in Appliances was led by Water Heaters & Small Domestic Appliances. Water Heaters grew significantly on e-commerce to become the no.1 brand on the channel. Our focus on agriculture & solar pumps is yielding strong results.

Lighting segment delivered an improved performance with a return to growth despite industry level challenges. This was driven by growth in B2B segment and volume growth in the LED B2C segment. We secured prestigious projects such as Mumbai Coastal Road, Ahmedabad Municipal Corporation and Chennai Municipal Administration. Lighting margins continued to improve.

In Butterfly Gandhimathi Appliances Ltd. revenue declined by 4% YoY. Despite strong growth in retail & regional chain stores, revenue declined due to de-growth in Corporate channel. Profit margins were under pressure due to higher advertising spends, festive promotions and an increase in salaries on account of minimum wage revision.

Commenting on the CGCEL's performance, Promeet Ghosh, MD & CEO, said, "We are on track in Crompton 2.0 journey for its next phase of growth. For the second consecutive quarter, we have delivered industry leading ECD growth. With revenue growth in Q3, our lighting business has started to turnaround with continued improvement in profitability. We continue to deliver on profitability even as we increase our investments in brand spends, innovation and talent."

Shares of Crompton Greaves Consumer Electricals Limited was last trading in BSE at Rs. 285.65 as compared to the previous close of Rs. 285.15. The total number of shares traded during the day was 38871 in over 858 trades.

The stock hit an intraday high of Rs. 286.40 and intraday low of 281.50. The net turnover during the day was Rs. 11003073.00.

Source : Equity Bulls

Keywords

CromptonGreavesConsumerElectricals INE299U01018 Q3FY24 9MFY24 ResultUpdate