Crompton Greaves Consumer Electricals reported 3% declined in consolidated net profit to Rs 85 crore as compared with Rs 88 crore posted in corresponding quarter last year.
Revenue from operations increased 12% YoY to Rs 1,693 crore in Q3 FY24.Profit before tax fell 2% to Rs 112 crore in Q3 FY24 as compared with Rs 115 crore posted in Q3 FY23.
EBITDA was Rs 150 crore in Q3 FY24, recording de-growth of 2% as compared with Rs 152 crore registered in Q3 FY23. EBITDA margin contracted by 120 bps to 8.9% in Q3 FY24 as against 10.1% in Q3 FY23.
On segmental front, ECD performance was bolstered by fans (up 11% YoY), pumps (up 28% YoY) and appliances (up 23% YoY). Fans witnessed strong momentum driven by improved saliency of premium ceiling fans and growth in Table, Pedestal & Wall (TPW) fans.
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.
Revenue from Butterfly Gandhimathi Appliances declined 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.
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.
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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.
The scrip rose 1.33% to Rs 289.45 on the BSE.
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