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ICICI Securities Report
The acquisition values Butterfly Gandhimati Appliances Ltd. at midcap/sales of 2.3 times on annualised FY22E sales. The acquisition will help Crompton Greaves Consumer Electricals Ltd. to-
have stronger connect in south India,
expand distribution network,
will offer better right-to-win in kitchen appliances and
reduce over dependence on Crompton brand.
Assuming 5% synergy benefits by FY24, the Butterfly Gandhimati acquisition will lead to earnings accretion. We believe there will be synergies in raw material sourcing, distribution, media sourcing and distribution.
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