Prabhudas Lilladher's research report on Crompton Greaves Consumer Electricals
Crompton Greaves Consumer Electricals (Crompton) has delivered consistent growth from last five quarters in ECD driven by a) sustainable growth in fans led by strong performance in non-ceiling fans, b) strong growth in pumps (+20% YoY) driven by both residential and solar pumps, and c) healthy growth in appliances led by robust performance in e-commerce and modern trade channels, along with increased contribution from new product sales. The company continued to see momentum in channel expansion (alt channel grew by 21% YoY), A&P spends (+69% YoY), new product launches with increasing premium portfolio and corrective price actions.
Outlook
We estimate revenue/EBITDA/ PAT CAGR of 12.8%/20.3%/25.0% over FY24-27E. We downward revise FY25/FY26E earnings estimate by 2.5%/1.4% and maintain ‘BUY’ rating with TP of Rs 536 (same as earlier), based on 40x FY27E earnings.
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