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Anand Rathi Report
Driven by a strong uptick in rural/e-commerce sales, premiumisation, cost optimisation and an expanding distribution network, Crompton Greaves Consumer Electricals Ltd.'s Q3 revenue/profit before tax were up 26%/46% YoY.
In key categories (geysers, fans, etc,) it continued to gain more market-share than peers, said management. Price hikes from January 2021 (5-8%) would help it face rising raw material costs.
We introduce FY23e and expect 12%/14% revenue/profit after tax compound annual growth rates over FY20-23, with a 15% Ebitda margin, healthy return ratios and free cash flows.
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