Crompton Greaves Q1 Results: Net profit down 9% to Rs 115 crore

CGCEL said electric consumer durables segment revenue rose 6 percent to Rs 1,428.98 crore compared with Rs 1,347.18 crore in the year-ago period. (Image source: https://www.crompton.co.in)

Crompton Greaves Consumer Electricals Ltd. on August 12 reported consolidated net profit at Rs 115 crore for the June quarter of FY24, registering a decline of 9 percent from Rs 125.95 crore in the same quarter of the previous financial year.

The company's consolidated revenue from operations is Rs 1,876.85 crore, rising 0.7 percent from Rs 1,862.94 crore in the year-ago quarter, the company said in a regulatory filing.

Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 185.9 crore declining by 15.5 percent. EBIDTA margin was at 9.9 percent YoY vs 11.8 percent in the year-ago period.

The t otal standalone revenue from operations is Rs 1,657 crore, rising 3 percent from Rs 1,608 crore in the year-ago quarter, the company said in a regulatory filing.

CGCEL's total income in the June quarter was up 3.5 percent at Rs 1,676.75 crore, compared with Rs 1618.59 crore in June 2022.

Total expenses were higher at Rs 1,524.95 crore, as against Rs 1,447.33 crore in the year-ago period, the company said.

CGCEL said electric consumer durables segment revenue rose 6 percent to Rs 1,428.98 crore compared with Rs 1,347.18 crore in the year-ago period. Revenue from lighting products slipped by 12 percent to Rs 228.48 crore compared with Rs 260.87 crore in the year-ago period.

Revenue from sales of products of Butterfly products declined 13 percent at Rs 218.89 crore compared with Rs 253.50 croe in the year-ago period, the company said.

For the year ended March 2023, CGCEL's standalone net profit stood at Rs 476.56 crore.

The stock exchange filing said the holding company allotted 35,69,578 equity shares of face value of Rs 2 each upon exercise of vested options under Employee Stock Option Schemes.

On August 11, shares of Crompton Greaves closed 2.67 percent lower at Rs 295.70 on NSE.