Crompton Greaves Q2 net profit up 12% at Rs 159 crore

Crompton Greaves. | Representative image.

Crompton Greaves Consumer Electricals Ltd on Friday reported a 12 per cent increase in consolidated net profit at Rs 158.81 crore in the second quarter ended September. The company had posted a consolidated net profit of Rs 141.68 crore in the corresponding quarter last fiscal, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing.

Consolidated revenue from operations during the second quarter stood at Rs 1,385.12 crore as against Rs 1,213.19 crore in the year-ago period, it added. With the easing of restrictions in June this year, the company witnessed an improvement in the business activity as compared to Q1, CGCEL said, adding during the quarter commodity costs continued to rise and were offset by cost reduction initiatives, mix enrichment and calibrated price increases.

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Commenting on the performance, CGCEL Managing Director, Shantanu Khosla said,"ECD (electric consumer durables) segment delivered strong growth across categories and geographies. B2C LED lighting business maintained its upward growth trajectory backed by commensurate value growth." During the quarter, ECD segment posted a revenue of Rs 1,096.43 crore as against Rs 931.69 crore in the corresponding period last fiscal, it said.

Lighting products registered a revenue of Rs 288.69 crore as against Rs 281.5 crore in the year-ago period. Khosla said,"While commodity cost pressures sustained, timely actions have largely mitigated their impact and restored margins."

Amid the coronavirus pandemic, the company said its focus has been on employees' well-being and 77 per cent of the employees have been fully vaccinated. "Health and safety of our employees are of utmost importance to us. Currently, we have no active COVID case amongst our employees and 77 per cent of our employees are fully vaccinated," he added.