Crompton Greaves Consumer Electricals Q3 net profit jumps two-fold to Rs 161 cr

Crompton Greaves Consumer Electricals Ltd (CGCEL) on Wednesday reported a two-fold jump in consolidated net profit to Rs 160.97 crore for the third quarter ended December 2019.

The company had posted a net profit of Rs 79.67 crore in the October-December period a year ago, CGCEL said in a BSE filing.

Total income during the quarter under review stood at Rs 1,088.83 crore, up 4.42 per cent from Rs 1,042.69 crore in the year-ago period.

"We continue to witness healthy double-digit growth momentum in ECD segment driven by new innovative launches while improved mix and cost initiatives helped us expand margins. Lighting segment continues to face topline challenges primarily due to pricing pressure and macro factors," CGCEL Managing Director Shantanu Khosla said.

Total expenses were at Rs 949.75 crore, up 2.95 per cent from Rs 922.53 crore.

CGCEL's revenue from the electrical consumer durables (ECD) segment rose 10.59 per cent to Rs 786.95 crore, compared to Rs 711.55 crore in Q3 FY 2018-19.

Revenue from lighting products slipped 10.79 per cent to Rs 284.34 crore.

"Electrical Consumer Durables segment growth was driven by strong performance in fans, domestic pumps and appliances," the company said, adding, "Volume growth in Lighting was in double digits; however revenue declined due to price erosion."