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Appliance maker Crompton Greaves Consumer Electricals on Wednesday reported a drop of 18 per cent in net profit to ₹131 crore for the September quarter. The company had posted a net profit of ₹159 crore for the July quarter.
The consolidated revenue of the company grew by 23 per cent to ₹1,700 crore in the quarter under review from ₹1,385 crore a year ago, said Crompton in its filing.
The company’s EBITDA for the quarter stood at ₹193 crore, which decline by 10 per cent. The EBITDA in the year ago period was ₹214 crore.
In addition to LED lighting and fans, Crompton Greaves also sells pumps, water heaters, and kitchen appliances.
The company’s overall expenses surged by 31.6% in the second quarter. Electric consumer durables, the company’s biggest segment, saw revenue slide by 3.1% to 10.62 billion rupees.
“Consolidated Q2 delivered a revenue growth of 23% aided by the Butterfly acquisition amidst unfavourable base period and high retail inflation. H1 registered a strong growth wherein consolidated revenue grew by 46% and standalone Crompton grew by 21%. We continue to focus our efforts in restoring margins through accelerated cost savings, premiumisation across segments and appropriate pricing actions,” said Shantanu Khosla, Crompton’s Managing Director.
The current quarter segment wise growth was impacted due to previous year high base, driven by post Covid pre buying said the company in its filing.
The company’s scrip ended 0.19 per cent down at ₹376.60 on BSE.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
