Crompton Greaves Consumer Electricals Ltd. Announces its Results for Q1 FY24

Crompton Greaves Consumer Electricals Ltd. (‘Company’), India’s main Consumer Durables participant, reported its standalone and consolidated financials for the primary quarter ended 30^th 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:

ECD class delivered a aggressive development of 6% YoY in a subdued surroundings. This was led by sturdy momentum within the premium followers phase, notably BLDC, and continued double-digit development in Appliances. Agricultural Pumps class grew by 7% YoY. Investment behind the manufacturers accelerated.

In Lighting class work continues on the structured Go-To-Market technique to enhance the B2C attain at a pan-India degree and increase product portfolio vary. This would allow the enterprise to take a position behind development drivers in future. EBIT margin enlargement primarily aided by value optimization initiatives.

Butterfly Gandhimathi Appliances Ltd. continued to give attention to de-risking channel combine resulting in sturdy double-digit development in B2C channels. Rebound in Trade channel & worth engineering led to sturdy enlargement in Material margin. Investments behind advertising and marketing and folks continues.

Commenting on the CGCEL’s efficiency, Promeet Ghosh, MD & CEO, stated, “We witnessed a pickup in demand from June 2023 onwards amidst weak client sentiment in an inflationary surroundings and unfavourable climate circumstances. ECD efficiency was led by Appliances, particularly Mixer Grinders, Small Appliances and Air Coolers. Our journey in the direction of premiumization of our portfolio led to greater share of premium Fans at 28% vs 24% in Q1 FY23. In Pumps, we now have strengthened our Residential product portfolio by means of our redefined model structure. Our give attention to increasing the Rural channel will enhance our share within the Agricultural phase. Lighting phase witnessed structural enhancements in EBIT Margins to ~12% (+310 bps) and we now have initiated corrective actions to place the lighting enterprise again on its development path.

Our investments in the direction of strengthening model consciousness, increasing our Go-to-Market technique, constructing a centre for innovation excellence and folks capabilities in addition to value optimization initiatives will assist drive development going ahead.”

Standalone Financials:

Consolidated Financials:

Segment Financials:

BGMAL Financials:

About Crompton Greaves Consumer Electrical Ltd. (CGCEL)

CGCEL is India’s market chief in Fans, no. 1 participant in Residential Pumps and has main market positions in its different product classes. The Company manufactures and markets a large spectrum of client merchandise – Fans, Lights, Pumps and Appliances together with Kitchen Appliances. The Company has sturdy vendor base throughout the nation and extensive service community providing strong after gross sales service to its clients.