Crompton Greaves Consumer Electricals slipped 1.78% to Rs 371.45 after the company reported 27.2% decline in standalone net profit to Rs 124.05 crore on a 3.8% fall in revenue from operations to Rs 1331.61 crore in Q2 FY23 over Q2 FY22.
On the segmental front, Electric Consumer Durables revenue was Rs 1,062 crore (down 3% YoY) while that from Lighting Products was Rs 269 crore (down 7% YoY) in the second quarter. Current Quarter segment wise growth was impacted due to previous year high base, driven by post COVID pre buying.On consolidated basis, the company's net profit skid 17.7% to Rs 130.71 crore despite of a 22.7% rise in revenue from operations to Rs 1,699.50 crore in Q2 FY23 over Q2 FY22.
Profit before tax in Q2 FY23 stood at Rs 153.26 crore, down by 28% from Rs 212.89 crore in Q2 FY22.
Consolidated EBIDTA de-grew to Rs 193 crore in Q2 FY23 from Rs 214 crore posted in Q2 FY22. EBIDTA margin slumped to 11.4% in Q2 FY23 as against 15.5% in Q2 FY22.
Crompton Appliances maintained its strong growth momentum. The long-term strategic investments in key initiatives were continued through the quarter including brand building, innovation center and go-to market. Alternative channels have delivered robust growth with increasing contribution to overall revenue. Butterfly business continued to perform in line with plans; the Butterfly offline business grew in double digits aiding gross margin improvement, stated the company.
Shantanu Khosla, managing director, said: Consolidated Q2 delivered a revenue growth of 23% aided by the Butterfly acquisition amidst unfavourable base period and high retail inflation. H1 registered a strong growth wherein consolidated revenue grew by 46% and standalone Crompton grew by 21%. We continue to focus our efforts in restoring margins through accelerated cost savings, premiumisation across segments and appropriate pricing actions.
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Crompton Greaves Consumer Electricals manufactures and markets a wide spectrum of consumer products, ranging from fans, lamps and luminaries to pumps and household appliances such as water heaters, coolers, mixer grinders and irons.
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