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Prabhudas Lilladher Report
We met Crompton Greaves Consumer Electricals Ltd.'s management to gauge how demand, competitive scenario and change in strategy is shaping overall business. Crompton Greaves has taken corrective measures like-
restructured the business in five verticals,
hired/appointed second level management team,
addressed the frontend sales team attrition, and
increased focus on advertising and promotion and research and development for driving growth.
Although the strategy might impact FY24 financials, we expect better growth from FY25 onwards.
Over FY17-23 Crompton Greaves' revenue/Ebitda/profit after tax compound annual growth rate stood at 9.9%/8%/8.7% while excluding Butterfly revenue/Ebitda CAGR was at 6.4%/5.7%.
Management expects 7-10% revenue growth in existing business and lesss than 30% in new vertical of large appliance business. Further, Ebitda margin is expected to be in 10-12% range over coming years.
We estimate sales/Ebitda/profit after tax CAGR of 12.0%/14.0%/21.6% over FY23-25E.
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