The electric consumer durables segment saw a 9.6 percent YoY growth in revenue.
Crompton Greaves Consumer Electricals (CGCEL) posted a 36.2 percent year-on-year (YoY) jump in its March quarter consolidated net profit at Rs 140.54 crore. This was on account of a one-time tax gain.
Based on an assessment order received during the year ended March 2019, CGCEL said that they have written-back an amount of Rs 28.45 crore in respect of an earlier assessment year. This has been netted-off from current tax expense for the quarter and year ended March 31, 2019. Without this, the profit growth would have been around 8 percent.
The company's Q4 revenue was up 7.2 percent YoY at Rs 1,206.9 crore. The electric consumer durables segment revenue grew by 9.6 percent to Rs 864.36 crore. The company said that this growth was driven by strong performance in fans, pumps and coolers.
Shantanu Khosla, Managing Director, CGCEL, said: "ECD segment has shown good results and our ongoing efforts in driving innovation with the introduction of ‘Aura Fluidic’ and ‘Air Buddy’ have helped continue the momentum. In Lighting, the introduction of ‘Anti-Bac’ has met with very good response and the core LED segment continues to post healthy volume growth. Our accelerated focus on cost has delivered double digit EBIT margins in lighting, in line with our objectives."
The lighting segment saw a 1.4 percent YoY growth in revenue to Rs 342.52 crore in the March quarter.The board has recommended a dividend of Rs 2 per share.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.