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ICICI Direct Report
Crompton Greaves Consumer Electricals Ltd.'s reported consolidated revenue at ~Rs 1699.6 crore, up by 22.7% led by consolidation of Butterfly Gandhimathi Appliances Ltd. business.
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However, core segment (electrical consumer durable and lightings) revenues were down by 4% owing to higher base and sharp fall in the sales of conventional lightings products.
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Segment wise, ECD segment revenues declined 3% YoY to Rs 1062.3 crore, dragged by decline in fan revenues by 7%. The lower fan revenue is attributable to de-stocking of channel inventory amid transition into new BEE norms.
Lighting segment revenues declined ~7% YoY to Rs 269.6 crore as a result of steep fall in demand of conventional lightings (declined by 35%).
On a three year compound annual growth rate basis, Crompton's core business revenues (i.e. ECD and lighting) grew at a CAGR of 7%.
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