Crompton Greaves Consumer Electricals’ net profit dips 22.83% in Q2 FY24, ET RealEstate

November 3, 2023

NEW DELHI: Crompton Greaves Consumer Electricals has reported a dip of 22.83 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 100.87 crore in Q2 FY24 as against Rs 130.71 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 1,797.15 crore in Q2 FY24, a growth of 4.62 per cent from Rs 1,717.80 crore it recorded in the similar quarter last year.

Promeet Ghosh, MD & CEO of the company said, “Amidst macroeconomic challenges, Electric Consumer Durables (ECD) delivered strong performance of 17% year-on-year led by Fans & Appliances. Despite these challenges, Lighting EBIT margin by 250 bps.”

The board of directors have approved appointment of Anil Chaudhry and Sanjiv Kakkar as independent directors.

As on September 30, 2023, its net worth stood at Rs 3,185.09 crore, debt-equity ratio was 0.29, total debts to total assets ratio was 0.16, current liability ratio was 0.55, operating margin was 9.79% and net profit margin was 5.61%.

During the half year ended September 30, 2023, the company allotted 40,48,000 equity shares of face value Rs 2 each upon exercise of the vested options under Employee Stock Option Schemes, it said in the regulatory filing.

Lighting EBIT margins improved by 250 bps with absolute EBIT growth of 16% year-on-year. Industry level challenges continued in B2C leading to price erosion and thereby revenue decline. The segment’s revenue stood at Rs 239 crore in Q2 FY24, a 11 per cent dip from previous year. “Focus continues on growing distribution reach through strengthening Direct Dealer network as well as e-commerce and modern trade,” the company said in its investors presentation.

  • Published On Nov 3, 2023 at 08:00 PM IST

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