NewsVoir
Mumbai (Maharashtra) [India], July 31: Crompton Greaves Consumer Electricals Ltd. ('Company'), India's leading Consumer Durables player, reported its standalone & consolidated financials for the first quarter ended 30th June 2024.
* Highest-ever standalone quarterly revenue at Rs 1,959 Cr. strong growth of 18% YoY
* Industry leading ECD Revenue growth of 21% YoY
* EBITDA margin expands even as brand spends stepped-up
Q1 FY25 Performance:
* Standalone revenue at Rs 1,959 Cr, strong growth of 18% YoY driven by ECD
* Standalone EBIT at Rs 203 Cr, with strong growth of 34% YoY
* EBIT margin increases by 120 bps YoY to 10.4%, with higher brand spends at 4.5% of revenue
Q1 FY25 Segment performance:
Industry leading ECD revenue growth of 21% YoY and EBIT margin at 15.0%
* Strong performance across categories
* Seasonal products grew substantially, specifically robust growth in Fans and Air Coolers
* Building healthy pipeline and continue to execute solar pump orders
Lighting revenue grew at 2% YoY despite continued price erosion and discontinuance of conventional products
* B2B witnessed robust growth led by streetlight and industrial segments
* Secured several large projects such as JSR Infra, KNR NHAI, SMS India Project, MMCH Hospital, Dahod Automotive, amongst others
* Witnessed double-digit increase in volumes in B2C LED battens and ceiling lights
Butterfly Gandhimathi Appliances Ltd. revenue grew 9% QoQ and declined 17% YoY primarily due to drop in E-commerce. EBITDA margins at 5.1%, improvement in profitability QoQ on account of higher gross margin and cost saving initiatives.
Commenting on the CGCEL's performance, Promeet Ghosh, MD & CEO, said, "Led by our Crompton 2.0 strategy, we are pleased to deliver strong results across categories through execution excellence, new product launches and GTM expansion. Specifically, seasonal products such as Fans & Air Coolers grew significantly during the quarter supported by brand investments and operational optimization. We secured several large lighting projects contributing to nation building. Our focus continues on alternate channels with E-commerce delivering a robust revenue for the 4th consecutive quarter."
CGCEL is India's market leader in Fans, no. 1 player in Residential Pumps and has leading market positions in its other product categories. The Company manufactures and markets a wide spectrum of consumer products - Fans, Lights, Pumps and Appliances including Kitchen Appliances. The Company has strong dealer base across the country and wide service network offering robust after sales service to its customers.
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