Crompton Greaves Consumer Electricals Ltd on Friday reported a 27.35 per cent decline in consolidated net profit at Rs 102.10 crore for the fourth quarter ended March 2020 due to decline in sales because of COVID-19 pandemic. The company had posted a net profit of Rs 140.54 crore in January-March quarter a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a BSE filing.
Net sales declined 14.95 per cent to Rs 1,026.34 crore during the quarter under review from Rs 1,206.88 crore in the corresponding period of the previous fiscal.
"We had strong growth momentum in January and February across all product categories. However, COVID-19 had a significant adverse impact on the company's performance for the quarter," CGCEL Managing Director Shantanu Khosla said.
"Our robust cost reduction programs ensured we maintained our profitability even in these difficult times," he added.
CGCEL's total expenses during the quarter fell 14.73 per cent to Rs 901.58 crore from Rs 1,057.43 crore in the year-ago period.
Revenue from electric consumer durables segment declined 14.26 per cent to Rs 741.09 crore during January-March period from Rs 864.36 crore in the corresponding quarter a year ago.
Revenue from lighting products also decreased by 16.72 per cent to Rs 285.25 crore as compared with Rs 342.52 crore in the year-ago period.
For fiscal year 2019-20, CGCEL's net profit rose 23.66 per cent to Rs 496.39 crore from Rs 401.39 crore in the previous year.
Net sales for the fiscal rose marginally to Rs 4,520.26 crore from Rs 4,478.91 crore in 2018-19.
Shares of Crompton Greaves Consumer Electricals Ltd on Friday settled 0.36 per cent lower at Rs 207.55 on the BSE.
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