Prabhudas Lilladher's research report on Crompton Greaves Consumer Electricals
We met with the management of CROMTON to discuss the demand, product diversification, pricing, and market share & penetration. The company’s growth strategy at restricted margins is expected to continue led by its 1) emphasis on market-share gain, 2) plans to expand geographical reach and product categories (solar pump, cooktop, etc.), 3) channel expansion plans, and 4) focus on sourcing and in-house manufacturing to improve efficiency and reduce expenses. Despite near-term softness projected in demand, it expects to gain market share.
Outlook
We estimate sales/EBITDA/PAT CAGR of 13.2%/20.5%/24.9% over FY24-27E. We introduce FY27 estimates and upgrade the stock to ‘BUY’ from Accumulate as we roll forward to FY27E, revised TP of Rs536 @ 40x FY27 EPS (Rs476 earlier).
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