Crompton Greaves net declines 29% to Rs 176.55 cr in March quarter

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Crompton Greaves Consumer Electricals Ltd on Friday reported a 29.11 per cent decline in its consolidated net profit at Rs 176.55 crore for the fourth quarter ended March 2022.

The company had posted a net profit of Rs 249.08 crore in the January-March period a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a BSE filing.

Revenue from operations rose 1.69 per cent to Rs 1,547.92 crore during the quarter under review as against Rs 1,522.05 crore in the corresponding period of the last fiscal.

CGCEL's total expenses were at Rs 1,344.18 crore, up 2.47 per cent in Q4 FY22, as against Rs 1,311.67 crore earlier.

Revenue from the electric consumer durables segment was up 3.17 per cent to Rs 1,230.90 crore from Rs 1,193 crore in Q4 FY21.

However, revenue from lighting products dipped 3.65 per cent to Rs 317.02 crore from Rs 329.05 crore.

CGCEL Managing Director Shantanu Khosla said, "Though the Quarter began with the onset of Omicron, business quickly bounced back in February and March to deliver double digit growth. While all channels delivered strong performance, our investment in newer channels viz., E-com and Rural continue to deliver disproportionate growth."

CGCEL's strategically important acquisition of controlling stake in Butterfly was completed during the quarter, he added.

For the full fiscal ended March 2022, CGCEL's net profit dropped 6.2 per cent at Rs 578.38 crore, compared to net profit of Rs 616.65 crore in the previous fiscal.

Revenue from operations was at Rs 5,394.11 crore in 2021-22. This was 12.29 per cent higher than Rs 4,803.51 crore in FY21.

Its board of directors on Friday recommended a dividend of Rs 2.50 per equity share of Rs 2 each.

Shares of Crompton Greaves Consumer Electricals Ltd on Friday settled at Rs 327.90 on BSE, down 0.70 per cent.