Mumbai: Crompton Greaves Consumer Electricals Ltd. (‘Company’), India’s leading Consumer Durables player, reported its standalone and consolidated financials for the first quarter ended 30th June 2023.

Financial Highlights:

Consolidated Revenue for the quarter at Rs. 1,877 Crs. EBITDA at Rs. 186 Crs and PAT Rs. 122 Crs.

Standalone Revenue for the quarter at Rs. 1,657 Crs, EBITDA at Rs. 166 Crs, PAT at Rs. 115 Crs.

Segment Highlights:

The ECD category delivered a competitive growth of 6% YoY in a subdued environment. This was led by strong momentum in the premium fans segment, particularly BLDC, and continued double-digit growth in Appliances. The Agricultural Pumps category grew by 7% YoY. Investment behind the brands accelerated.

In the Lighting category, work continues on the structured Go-To-Market strategy to improve the B2C reach at a pan-India level and expand the product portfolio range. This would enable the business to invest behind growth drivers in future. EBIT margin expansion is primarily aided by cost optimization initiatives.

Butterfly Gandhimathi Appliances Ltd. continued to focus on de-risking the channel mix leading to strong double-digit growth in B2C channels. Rebound in Trade channel & value engineering led to strong expansion in the Material margin. Investments behind marketing and people continue.

Commenting on the CGCEL’s performance, Promeet Ghosh, MD & CEO, said, “We witnessed a pickup in demand from June 2023 onwards amidst weak consumer sentiment in an inflationary environment and unfavourable weather conditions. ECD performance was led by Appliances, especially Mixer Grinders, Small Appliances and Air Coolers. Our journey towards premiumization of our portfolio led to a higher share of premium Fans at 28% vs 24% in Q1 FY23. In Pumps, we have strengthened our Residential product portfolio through our redefined brand architecture. Our focus on expanding the Rural channel will improve our share in the Agricultural segment. The lighting segment witnessed structural improvements in EBIT Margins to ~12% (+310 bps), and we have initiated corrective actions to put the lighting business back on its growth path. Our investments towards strengthening brand awareness, expanding our Go-to-Market strategy, building a centre for innovation excellence and people capabilities as well as cost optimization initiatives will help drive growth going forward.”

Standalone Financials

Particulars

(Rs. Crs)

Q1 FY24 Q1 FY23 Y-o-Y Q4 FY23 Q-o-Q
Revenue 1,657 1,608 3% 1,604 3%
Material Margin 487 494 -1% 492 -1%
Material Margin (%) 29.4% 30.7% -130 bps 30.7% -130 bps
EBITDA 166 194 -14% 196 -15%
EBITDA Margin (%) 10.0% 12.0% -200 bps 12.2% -220 bps
PAT 115 128 -10% 132 -12%
PAT Margin (%) 7.0% 7.9% -90 bps 8.2% -120 bps

Consolidated Financials

Particulars

(Rs. Crs)

Q1 FY24 Q1 FY23 Y-o-Y Q4 FY23 Q-o-Q
Revenue 1,877 1,863 1% 1,791 5%
Material Margin 579 585 -1% 565 2%
Material Margin (%) 30.8% 31.4% -60 bps 31.5% -70 bps
EBITDA 186 220 -16% 211 -12%
EBITDA Margin (%) 9.9% 11.8% -190 bps 11.8% -190 bps
PAT 122 126 -3% 132 -7%
PAT Margin (%) 6.5% 6.8% -30 bps 7.3% -80 bps

Segment Financials

Particulars

(Rs. Crs)

Q1 FY24 Q1 FY23 Y-o-Y Q4 FY23 Q-o-Q
ECD
Revenue 1,429 1,347 +6% 1,326 +8%
EBIT 182 229 -21% 218 -17%
EBIT Margin (%) 12.7% 17.0% -430 bps 16.4% -370 bps
Lighting
Revenue 229 262 -13% 279 -18%
EBIT 27 23 +18% 30 -10%
EBIT Margin (%) 11.9% 8.8% +310 bps 10.9% +100 bps

BGMAL Financials

Particulars (Rs. Crs) Q1 FY24 Q1 FY23 Y-o-Y Q4 FY23 Q-o-Q
Revenue 219 254 -14% 187 +17%
Material Margin 92 90 +2% 73 +25%
Material Margin (%) 42.0% 35.5% +650 bps 38.9% +270 bps
EBITDA 20 26 -24% 8 152%
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