Crompton Greaves Consumer Electricals Q3 Results: Net profit falls 7.8% to Rs 148.26 cr

Crompton Greaves Consumer Electricals Ltd (CGCEL) on Friday reported a 7.84 per cent decline in its consolidated net profit to Rs 148.26 crore for the third quarter ended December 2021, on account of inflationary pressures on input materials.

The company had posted a net profit of Rs 151.09 crore in the corresponding quarter last year, according to a BSE filing.

Its revenue from operations during October-December 2021 rose 4.63 per cent to Rs 1,410.59 crore, compared with Rs 1,348.17 crore in the year-ago period.

"Input prices remained elevated and were largely offset through a combination of mix improvement, calibrated pricing and cost reduction programmes," CGCEL said in a post-earnings statement.

The firm's total expenses during the December 2021 quarter stood at Rs 1,225.90 crore, a rise of 5.17 per cent as compared with Rs 1,165.56 crore a year ago.

CGCEL Managing Director Shantanu Khosla said, "The electrical consumer durables business witnessed growth in most categories. The B2C (business-to-consumer) lighting business improved its growth trajectory. While commodity cost pressures are sustained, timely actions have largely mitigated their impact and maintained margins."

Its revenue from the electric consumer durables segment rose 6.11 per cent to Rs 1,099.26 crore during December 2021 period, from Rs 1,035.91 crore a year ago.

"The appliances business continued to deliver robust growth based on excellent consumer offerings in the core categories of water heaters, mixer grinders and irons," it said.

Revenue from lighting products jumped 7.84 per cent to Rs 311.33 crore as compared with Rs 288.69 crore in the year-ago period.

Meanwhile, in a separate filing, CGCEL said the company's board in a meeting on Friday approved the appointment of Hirao Mirchandani as an additional and independent director with effect from January 28, 2022, for five years, subject to shareholders' approval.

Shares of Crompton Greaves Consumer Electricals Ltd on Friday settled at Rs 414.55 on the BSE, a rise of 0.36 per cent from the previous close.