Crompton Greaves Consumer Electricals reported a 1.43% rise in net profit to Rs 133.43 crore in Q4 FY24, driven by strong ECD performance and lighting business stabilisation.
New Delhi, May 16 (PTI) Crompton Greaves Consumer Electricals Ltd on Thursday posted a 1.43 per cent increase in consolidated net profit to Rs 133.43 crore in the March 2024 quarter.
The company reported a consolidated net profit of Rs 131.55 crore a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing.
During the quarter under review, consolidated revenue from operations was Rs 1,961 crore over Rs 1,790.96 in the year-ago period.
The electric consumer durables (ECD) segment clocked revenue of Rs 1,515.98 crore as compared to Rs 1,325.74 crore in the same period a year ago.
Lighting products revenue in the quarter was marginally higher at Rs 281.12 crore, up from Rs 278.57 crore in FY23.
On the other hand, the revenue from Butterfly, which it acquired last year, was lower at Rs 163.9 crore in the fourth quarter as compared to Rs 186.65 crore in the year-ago period, the filing said.
Total expenses were higher at Rs 1,808 crore from Rs 1,637.3 crore in the corresponding period a year ago.
The board of directors has recommended a final dividend of Rs 3 per equity share of Rs 2 each for the financial year ended on March 31, 2024, subject to the approval of shareholders at the ensuing annual general meeting, the company said.
For the fiscal ended March 31, 2024, consolidated net profit was lower at Rs 441.78 crore from Rs 476.4 crore in the preceding year.
In FY24, consolidated revenue from operations was Rs 7,312.81 crore as against Rs 6,869.61 crore in FY23.
CGCEL Managing Director & CEO Promeet Ghosh said the company delivered a strong performance in ECD with double-digit growth for the third consecutive quarter with robust improvement in EBIT margins. The lighting business is showing signs of stabilisation with revenue growth in H2 despite price erosion.
On the outlook, he said, "We expect the intense summer season and an uptick in demand for home and kitchen appliances to support the growth momentum while we continue to invest in growth initiatives.
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