Butterfly Gandhimathi Appliances shares were up 2.32 percent at Rs 1,204 at 10.01 am after reporting a middling set of numbers for the June quarter.
Net profit increased 11 percent year-on-year to Rs 15 crore but revenues were down 14 percent year-on-year to Rs 219 crore in the April-to-June quarter.
Revenue for the Butterfly Gandhimathi Appliances fell 14 percent year-on-year to in Q1FY24. Earnings Before Interest, Tax Depreciation and Amortisation declined 24 percent to Rs 20 crore year-on-year in the same period.
The company said its market position remained relatively unchanged despite demand challenges in the industry.
The stock has lost 22 percent since January 1.
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“Through our focus on channel restructuring, we continue to drive sustainable growth in B2C channels such as retail outlets, modern trade, chain stores and e-commerce, while de-risking non-core channels,” said Rangarajan Sriram, Managing Director, Butterfly Gandhimathi Appliances. He further said that improvement in channel mix and value engineering has led to a revenue of Rs 219 crore.
Merger between Butterfly Gandhimathi Appliances and Crompton Greaves is underway, the company said.
Butterfly Gandhimathi Appliances has four core products: mixer grinders, pressure cookers, gas stove, wet grinders, and small domestic appliances.
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