Crompton Greaves Consumer Electricals Q2 net up 28% to Rs 142 crore

Crompton Greaves Consumer Electricals Ltd on Thursday reported a 27.77 per cent increase in consolidated net profit at Rs 141.68 crore for the quarter ended September 2020.
 

The company had posted a net profit of Rs 110.88 crore in the July-September period a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a BSE filing.
 

Revenue from operations climbed 12.77 per cent to Rs 1,213.19 crore during the quarter under review as against Rs 1,075.79 crore in the corresponding period of the previous fiscal.
 

Total expenses were at Rs 1,040.73 crore as against Rs 961.60 crore earlier, up 8.22 per cent.
 

CGCEL Managing Director Shantanu Khosla said, "All segments of our business have continued to recover through the quarter... Market share continues to grow behind an accelerated innovation program." "Our cost reduction program continues to deliver strong results driving bottom line faster than top line," he added.
 

Revenue from the electric consumer durables segment was up 18.21 per cent to Rs 931.69 crore in the second quarter of FY21, from Rs 788.10 crore in the corresponding period of last year.
 

Revenue from lighting products dipped 2.15 per cent to Rs 281.50 crore as compared to Rs 287.69 crore earlier.
 

"Electrical Consumer Durables segment grew by 18 per cent, driven by strong performance in all segments. Lighting business continued on its recovery path on the back of strong volume growth in LED products," it said.
 

Steps taken to "reduce costs and improve mix in lighting have helped deliver double digit margins of 11.7 per cent", the company said.
 

The board of the company at its meeting on Thursday also approved an interim dividend of Rs 3 per share for FY 2020-21.

Shares of Crompton Greaves Consumer Electricals Ltd on Thursday settled at Rs 286.45 on BSE, down 0.74 per cent from its previous close.