Crompton Greaves Consumer Electricals Ltd. Announces its Results for Q4 & FY24
4 min readHighest-ever standalone quarterly income at Rs. 1,797 cr;
ECD Q4 Revenue development at 14.3% YoY and EBIT margin at 16.7%
Crossed milestone of promoting 2 cr+ followers within the yr
Lighting enterprise development on observe with enhancing margins;
In Dow Jones Sustainability Indices ranked seventh globally (Household Durables)
Crompton Greaves Consumer Electricals Ltd. (‘Company’), India’s main Consumer Durables participant, reported its standalone & consolidated financials for the fourth quarter and monetary yr ended thirty first March 2024.
Crompton 2.0 at work
Continued execution of Crompton 2.0 tenets resulted in sturdy income development and strong profitability with stepped up investments behind model, innovation and folks. The deal with premiumisation by means of new product launches led to improved saliency throughout classes. High influence campaigns have been executed throughout classes to drive model consciousness. Alternate channels proceed to constantly ship superior development whereby E-com recorded highest quarterly income with 75% YoY development in Q4.
Q4 FY24 efficiency
Highest ever quarterly standalone income at Rs. 1,797 cr (12% YoY development) and strong EBIT margin of 11.5% (12.3% adj for EPR)
Consolidated income for the quarter at Rs. 1,961 cr and EBIT at Rs. 169 cr
FY24 efficiency
Standalone income at Rs. 6,388 cr (10.0% YoY development); EBIT margin at 9.8%
Strong OCF era of Rs. 796 cr with 130% PBT conversion ratio (vs 72% final yr)
Consolidated income at Rs. 7,313 cr; EBIT at Rs. 585 cr
The Board has advisable a dividend of Rs. 3 per share
Q4 section efficiency
Consistently sturdy Q4 ECD efficiency with income development of 14.3% YoY and EBIT margin of 17.2% (excluding EPR influence)
Broad-based efficiency throughout classes – 13% YoY development in Fans, 9% YoY in Pumps & 27% YoY in Appliances. We crossed the milestone of promoting greater than 2 cr followers through the yr, with double- digit quantity development.
Executed a number of photo voltaic pump orders with complete empanelment of Rs.122 cr through the yr
Crossed milestone of 10 lakh models of mixer grinders in FY 24 resulting in sturdy development of 39% in small home home equipment
Alternate channels proceed to be a development driver with 31% YoY development in Q4 led by E-commerce
Pricing actions, premiumisation and blend enchancment resulted in EBIT margin enchancment from 12.7% in Q1 to 17.2% (excluding EPR Impact) in Q4
Lighting on development trajectory; Q4 income development of 0.9% YoY amidst persistent worth erosion; FY24 EBIT margin expanded by 170 bps YoY to 11.2% (excluding EPR influence)
Healthy quantity development in B2C lighting classes similar to ceiling lights, battens and equipment
B2B section demonstrated sturdy development through the quarter led by streetlight and industrial segments; we secured massive initiatives from NHAI, TCS, JSW, Megha Engineering & Infrastructure Ltd.
Butterfly Gandhimathi Appliances Ltd. income declined by 11% YoY
Revenue and profitability impacted by one-time settlements and extraordinary gadgets
Core classes income sustained together with secure market share and regional chain shops continued to develop for the fourth consecutive quarter
New product launches and premiumization contributed considerably to Q4 income
Subdued EBIT margins was primarily as a result of stepped up investments in advertising actions (2.4x spend), crystallisation of full yr Extended Producer Responsibility (EPR) legal responsibility of Rs 1.2 cr, reorganization of bottle and flasks sourcing and sure one-time settlements with channel companions.
Commenting on the CGCEL’s efficiency, Promeet Ghosh, MD & CEO, stated, “We launched Crompton 2.0 in June’23 which outlined our renewed focus in direction of accelerating income development which is progressing nicely and translating into wholesome margins. We delivered sturdy efficiency in ECD with double-digit development for the third consecutive quarter with strong enchancment in trade main EBIT margins. The lighting enterprise is displaying indicators of stabilization with income development in H2 regardless of worth erosion. We anticipate the extreme summer time season and uptick in demand for house & kitchen home equipment to help the expansion momentum whereas we proceed to funding in development initiatives.”
Q4 Standalone Financials
Particulars (Rs. Cr) | Q4 FY24 | Q4 FY23 | Y-o-Y | Q3 FY24 | Q-o-Q |
Revenue | 1,797 | 1,604 | 12% | 1,458 | 23% |
Material Margin | 576 | 492 | 17% | 468 | 23% |
Material Margin (%) | 32.0% | 30.7% | +130 bps | 32.1% | -10 bps |
EBITDA | 225 | 196 | 15% | 147 | 53% |
EBITDA Margin (%) | 12.5% | 12.2% | +30 bps | 10.1% | +240 bps |
PAT | 161 | 132 | 22% | 95 | 69% |
PAT Margin (%) | 9.0% | 8.2% | +80 bps | 6.5% | +250 bps |
Q4 Standalone Financials (Segment)
Particulars (Rs. Cr) | Q4 FY24 | Q4 FY23 | Y-o-Y | Q3 FY24 | Q-o-Q |
ECD | |||||
Revenue | 1,516 | 1,326 | 14% | 1,209 | 25% |
EBIT | 253 | 218 | 16% | 164 | 54% |
EBIT Margin (%) | 16.7% | 16.4% | 13.6% | ||
Lighting | |||||
Revenue | 281 | 278 | 1% | 249 | 13% |
EBIT | 25 | 30 | -18% | 28 | -10% |
EBIT Margin (%) | 8.9% | 10.9% | 11.2% | ||
FY24 Standalone Financials
Particulars (Rs. Cr) | FY24 | FY23 | Y-o-Y |
Revenue | 6,388 | 5,809 | 10% |
Material Margin | 1,975 | 1,800 | 10% |
Material Margin (%) | 30.9% | 31.0% | -10 bps |
EBITDA | 689 | 671 | 3% |
EBITDA Margin (%) | 10.8% | 11.6% | -80 bps |
PAT | 466 | 476 | –2% |
PAT Margin (%) | 7.3% | 8.2% | -90 bps |
FY24 Standalone Financials (Segment)
Particulars (Rs. Cr) | FY24 | FY23 | Y-o-Y |
ECD | |||
Revenue | 5,392 | 4,756 | 13% |
EBIT | 775 | 789 | -2% |
EBIT Margin (%) | 14.4% | 16.6% | |
Lighting | |||
Revenue | 996 | 1,054 | -5% |
EBIT | 105 | 100 | 5% |
EBIT Margin (%) | 10.6% | 9.5% | |
Q4 Butterfly Financials
Particulars (Rs. Cr) | Q4 FY24 | Q4 FY23 | Y-o-Y | Q3 FY24 | Q-o-Q |
Revenue | 166 | 187 | –11% | 238 | –30% |
Material Margin | 50 | 73 | -31% | 82 | -39% |
Material Margin (%) | 30.2% | 38.9% | 34.3% | ||
EBITDA | –20 | 8 | 2 | ||
EBITDA Margin (%) | -11.9% | 4.2% | 1.0% | ||
PAT | –20 | 2 | –2 | ||
PAT Margin (%) | -11.9% | 0.8% | -0.9% |
FY24 Butterfly Financials
Particulars (Rs. Cr) | FY24 | FY23 | Y-o-Y |
Revenue | 931 | 1,057 | –12% |
Material Margin | 338 | 388 | -13% |
Material Margin (%) | 36.2% | 36.8% | |
EBITDA | 27 | 97 | –72% |
EBITDA Margin (%) | 2.9% | 9.1% | |
PAT | 7 | 52 | –86% |
PAT Margin (%) | 0.8% | 4.9% |
Consolidated Financials
Particulars (Rs. Cr) | Q4 FY24 | Q4 FY23 | Y-o-Y | Q3 FY24 | Q-o-Q |
Revenue | 1,961 | 1,791 | 9% | 1,693 | 16% |
Material Margin | 626 | 565 | 11% | 550 | 14% |
Material Margin (%) | 31.9% | 31.5% | 32.5% | ||
EBITDA | 204 | 211 | -4% | 150 | 36% |
EBITDA Margin (%) | 10.4% | 11.8% | 8.8% | ||
PAT | 133 | 132 | 1% | 85 | 56% |
PAT Margin (%) | 6.8% | 7.3% | 5.0% |
| Particulars (Rs. Cr) | FY24 | FY23 | Y-o-Y |
| Revenue | 7,313 | 6,870 | 6% |
| Material Margin | 2,313 | 2,189 | 6% |
| Material Margin (%) | 31.6% | 31.9% | |
| EBITDA | 714 | 770 | -7% |
| EBITDA Margin (%) | 9.8% | 11.2% | |
| PAT | 442 | 476 | -7% |
| PAT Margin | 6% | 6.9% |
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