Crompton Greaves Q4 profit falls 25.4% to Rs 131.5 cr, revenue from ops up

Crompton Greaves Consumer Electricals Ltd on Friday reported a decline of 25.48 per cent in its consolidated net profit at Rs 131.55 crore in the fourth quarter ended March 2023.

The company had posted a net profit of Rs 176.55 crore in the January-March quarter a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing.

Its revenue from operations increased 15.7 per cent to Rs 1,790.96 crore during the quarter under review against Rs 1,547.82 crore in the year-ago period.

The total expenses in Q4 FY23 surged 21.8 per cent to Rs 1,637.30 from Rs 1,344.18 crore a year ago, the company said.

 

CGCEL's total income in the March quarter was at Rs 1,807.73 crore, up 15.13 per cent.

Commenting on the quarter results, CCGEL MD and CEO, Promeet Ghosh said: "We delivered well in Q4 with our calibrated approach towards BEE transition, roll out of new brand architecture for Pumps, portfolio strengthening in Appliances and focus on premiumisation across the board".

In the fourth quarter, CGCEL's revenue from the electric consumer durables segment revenue increased 7.7 per cent to Rs 1,325.74 crore compared to Rs 1,230.90 crore in Q4 FY22.

However, revenue from lighting products slipped 12.12 per cent to Rs 278.57 crore against Rs 317.02 crore.

While revenue from its new subsidiary Butterfly, which it had acquired earlier this year, was Rs 187 crore.

For the fiscal ended March 2023, CGCEL's net profit declined 17.63 per cent to Rs 476.40 crore. It had reported a net profit of Rs 578.38 crore in the year-ago period.

Its consolidated revenue from operations was Rs 6,869.61 crore in FY23, 27.35 per cent higher than the preceding fiscal.

CGCEL's board has recommended a dividend of Rs 3 per share, having a face value of Rs 2 for FY23.

Shares of Crompton Greaves Consumer Electricals Ltd on Friday settled at Rs 254.05 on BSE, up 0.06 per cent from the previous close.