Consumer Durables News

Crompton Greaves Consumer Electricals Q3 results: Net profit falls 6% to Rs 151 cr

Crompton Greaves Consumer Electricals on Friday reported a 6.13 per cent decline in consolidated net profit at Rs 151.09 crore for the quarter ended December 2020.

The company had posted a net profit of Rs 160.97 crore in the October-December period a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a BSE filing.

However, its revenue from operations rose 25.84 per cent to Rs 1,348.17 crore during the quarter under review as against Rs 1,071.29 crore in the corresponding period of last fiscal.

“Profit After Tax for Q3FY21 was at Rs 151 crore. Last year PAT included effect of income tax refund and interest thereon. Like to like PAT growth is at 53 per cent,” the company said in a post-earnings statment.

CGCEL’s total expenses stood at Rs 1,165.56 crore as against Rs 949.75 crore earlier, down 22.72 per cent.

Revenue from the electric consumer durables (ECD) segment was up 31.63 per cent to Rs 1,035.91 crore from Rs 786.95 crore.

Revenue from lighting products rose 9.81 per cent to Rs 312.26 crore as compared to Rs 284.34 crore in Q3 FY20.

“ECD segment continues its strong performance and the business grew across categories and geographies. B2C LED lighting business continues to register improved volume growth with corresponding value growth.

“Lighting B2B activity remained challenging due to slow order pick up from institutional clients,” CGCEL Managing Director Shantanu Khosla said

E-commerce and rural channels reported increased share in the overall business.

“Cost reduction program delivered strong results driving bottom line faster than topline,” Khosla added.

Meanwhile, in a separate filing, CGCEL said its board in a meeting held on Friday approved the appointment of Mathew Job, its chief executive officer, as additional director on the board. Job has been designated as executive director and chief executive officer of the company with immediate effect.

Shares of Crompton Greaves Consumer Electricals Ltd on Friday settled at Rs 428.15 on BSE, down 2.37 per cent from the previous close.

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