Crompton Greaves Q4 profit falls 25.4% to Rs 131.5 cr, revenue from ops up

Crompton Greaves Consumer Electricals Ltd on Friday reported a drop of 25.48 per cent in its consolidated net profit at Rs 131.55 crore in the fourth quarter ended March 2023.

Crompton Greaves Consumer Electricals Ltd (CGCEL) announced in a regulatory filing that the company posted a net profit of Rs.176.55 crore in the first quarter from January to March last year.

Its revenue from operations increased by 15.7% to Rs.1,790.96 crore during the quarter under review as against Rs.1,547.82 crore in the same period last year.

The company said total expenses in the fourth quarter of FY23 rose by 21.8 per cent to Rs 1,637.30 crore from Rs 1,344.18 crore a year earlier.

CGCEL’s total income in the March quarter was Rs. 1,807.73 crore, up by 15.13 percent.

Commenting on the quarter’s results, CCGEL MD President and CEO, Promeet Ghosh said, “We performed well in the fourth quarter with our calibrated approach towards the BEE transition, rollout of a new pump brand architecture, portfolio strengthening in instrumentation and focus on excellence across the board.”

In Q4, CGCEL revenue from Consumer Durables segment increased by 7.7% to Rs.1,325.74 crore as compared to Rs.1,230.90 crore in Q4FY22.

Revenue from lighting products, however, declined by 12.12% at Rs.278.57 crore as against Rs.317.02 crore.

While revenue from its new subsidiary Butterfly, which it acquired earlier this year, was Rs 187 crore.

For the financial year ending March 2023, CGCEL’s net profit decreased by 17.63% to Rs.476.40 crore. It declared a net profit of Rs. 578.38 crore in the period last year.

Its consolidated revenue from operations was Rs.6,869.61 crore in FY23, an increase of 27.35 per cent over the previous financial year.

The CGCEL Board of Directors has recommended a dividend of Rs 3 per share, with a nominal value of Rs 2, for the financial year ’23.

Shares of Crompton Greaves Consumer Electricals Ltd settled on Friday at Rs 254.05 on BSE, up 0.06 per cent from the previous close.

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