Crompton Greaves Consumer Electricals Ltd. Announces its Results for Q4 & FY24
Saturday, 18 May 2024 ()
Highest-ever standalone quarterly revenue at Rs. 1,797 cr;
ECD Q4 Revenue growth at 14.3% YoY and EBIT margin at 16.7%
Crossed milestone of selling 2 cr+ fans in the year
Lighting business growth on track with improving margins;
In Dow Jones Sustainability Indices ranked 7th globally (Household Durables)Crompton Greaves Consumer Electricals Ltd. ('Company'), India's leading Consumer Durables player, reported its standalone & consolidated financials for the fourth quarter and financial year ended 31st March 2024.*Crompton 2.0 at work*
Continued execution of Crompton 2.0 tenets resulted in strong revenue growth and robust profitability with stepped up investments behind brand, innovation and people. The focus on premiumisation through new product launches led to improved saliency across categories. High impact campaigns were executed across categories to drive brand awareness. Alternate channels continue to consistently deliver superior growth wherein E-com recorded highest quarterly revenue with 75% YoY growth in Q4.
*Q4 FY24 performance*
· Highest ever quarterly standalone revenue at Rs. 1,797 cr (12% YoY growth) and robust EBIT margin of 11.5% (12.3% adj for EPR)
· Consolidated revenue for the quarter at Rs. 1,961 cr and EBIT at Rs. 169 cr
*FY24 performance*
· Standalone revenue at Rs. 6,388 cr (10.0% YoY growth); EBIT margin at 9.8%
· Strong OCF generation of Rs. 796 cr with 130% PBT conversion ratio (vs 72% last year)
· Consolidated revenue at Rs. 7,313 cr; EBIT at Rs. 585 cr
· The Board has recommended a dividend of Rs. 3 per share
*Q4 segment performance
Consistently strong Q4 ECD performance with revenue growth of 14.3% YoY and EBIT margin of 17.2% *(excluding EPR impact)
· Broad-based performance across categories - 13% YoY growth in Fans, 9% YoY in Pumps & 27% YoY in Appliances. We crossed the milestone of selling more than 2 cr fans during the year, with double- digit volume growth.
· Executed several solar pump orders with total empanelment of Rs.122 cr during the year
· Crossed milestone of 10 lakh units of mixer grinders in FY 24 leading to strong growth of 39% in small domestic appliances
· Alternate channels continue to be a growth driver with 31% YoY growth in Q4 led by E-commerce
· Pricing actions, premiumisation and mix improvement resulted in EBIT margin improvement from 12.7% in Q1 to 17.2% (excluding EPR Impact) in Q4
*Lighting on growth trajectory; Q4 revenue growth of 0.9% YoY amidst persistent price erosion; FY24 EBIT margin expanded by 170 bps YoY to 11.2% *(excluding EPR impact)
· Healthy volume growth in B2C lighting categories such as ceiling lights, battens and accessories
· B2B segment demonstrated strong growth during the quarter led by streetlight and industrial segments; we secured large projects from NHAI, TCS, JSW, Megha Engineering & Infrastructure Ltd.
*Butterfly Gandhimathi Appliances Ltd. revenue declined by 11% YoY*
· Revenue and profitability impacted by one-time settlements and extraordinary items
· Core categories revenue sustained along with stable market share and regional chain stores continued to grow for the fourth consecutive quarter
· New product launches and premiumization contributed substantially to Q4 revenue
· Subdued EBIT margins was primarily due to stepped up investments in marketing activities (2.4x spend), crystallisation of full year Extended Producer Responsibility (EPR) liability of Rs 1.2 cr, reorganization of bottle and flasks sourcing and certain one-time settlements with channel partners.Commenting on the CGCEL's performance*, Promeet Ghosh, MD & CEO, *said, "We launched Crompton 2.0 in June'23 which outlined our renewed focus towards accelerating revenue growth which is progressing well and translating into healthy margins. We delivered strong performance in ECD with double-digit growth for the third consecutive quarter with robust improvement in industry leading EBIT margins. The lighting business is showing signs of stabilization with revenue growth in H2 despite price erosion. We expect the intense summer season and uptick in demand for home & kitchen appliances to support the growth momentum while we continue to investment in growth initiatives."*Q4 Standalone Financials*
*Particulars (Rs. Cr)*
*Q4 FY24*
*Q4 FY23*
*Y-o-**Y*
*Q3 FY24*
*Q-o-**Q*
*Revenue*
*1,797*
*1,604*
*12%*
*1,458*
*23%*
Material Margin
576
492
17%
468
23%
Material Margin (%)
32.0%
30.7%
+130 bps
32.1%
-10 bps
*EBITDA*
*225*
*196*
*15%*
*147*
*53%*
EBITDA Margin (%)
12.5%
12.2%
+30 bps
10.1%
+240 bps
*PAT*
*161*
*132*
*22%*
*95*
*69%*
PAT Margin (%)
9.0%
8.2%
+80 bps
6.5%
+250 bps*Q4 Standalone Financials (Segment)*
*Particulars (Rs. Cr)*
*Q4 FY24*
*Q4 FY23*
*Y-o-**Y*
*Q3 FY24*
*Q-o-**Q*
*ECD*
Revenue
1,516
1,326
14%
1,209
25%
EBIT
253
218
16%
164
54%
EBIT Margin (%)
16.7%
16.4%
13.6%
*Lighting*
Revenue
281
278
1%
249
13%
EBIT
25
30
-18%
28
-10%
EBIT Margin (%)
8.9%
10.9%
11.2%
*FY24 Standalone Financials*
*Particulars (Rs. Cr)*
*FY24*
*FY23*
*Y-o-**Y*
*Revenue*
*6,388*
*5,809*
*10%*
Material Margin
1,975
1,800
10%
Material Margin (%)
30.9%
31.0%
-10 bps
*EBITDA*
*689*
*671*
*3%*
EBITDA Margin (%)
10.8%
11.6%
-80 bps
*PAT*
*466*
*476*
*-**2%*
PAT Margin (%)
7.3%
8.2%
-90 bps*FY24 Standalone Financials (Segment)*
*Particulars (Rs. Cr)*
*FY24*
*FY23*
*Y-o-**Y*
*ECD*
Revenue
5,392
4,756
13%
EBIT
775
789
-2%
EBIT Margin (%)
14.4%
16.6%
*Lighting*
Revenue
996
1,054
-5%
EBIT
105
100
5%
EBIT Margin (%)
10.6%
9.5%
*Q4 Butterfly Financials*
*Particulars (Rs. Cr)*
*Q4 FY24*
*Q4 FY23*
*Y-o-**Y*
*Q3 FY24*
*Q-o-**Q*
*Revenue*
*166*
*187*
*-**11%*
*238*
*-**30%*
Material Margin
50
73
-31%
82
-39%
Material Margin (%)
30.2%
38.9%
34.3%
*EBITDA*
*-**20*
*8*
*2*
EBITDA Margin (%)
-11.9%
4.2%
1.0%
*PAT*
*-**20*
*2*
*-**2*
PAT Margin (%)
-11.9%
0.8%
-0.9%
*FY24 Butterfly Financials*
*Particulars (Rs. Cr)*
*FY24*
*FY23*
*Y-o-**Y*
*Revenue*
*931*
*1,057*
*-**12%*
Material Margin
338
388
-13%
Material Margin (%)
36.2%
36.8%
*EBITDA*
*27*
*97*
*-**72%*
EBITDA Margin (%)
2.9%
9.1%
*PAT*
*7*
*52*
*-**86%*
PAT Margin (%)
0.8%
4.9%
*Consolidated Financials*
*Particulars (Rs. Cr)*
*Q4 FY24*
*Q4 FY23*
*Y-o-Y*
*Q3 FY24*
*Q-o-Q*
*Revenue*
*1,961*
*1,791*
*9%*
*1,693*
*16%*
Material Margin
626
565
11%
550
14%
Material Margin (%)
31.9%
31.5%
32.5%
*EBITDA*
*204*
*211*
*-4%*
*150*
*36%*
EBITDA Margin (%)
10.4%
11.8%
8.8%
*PAT*
*133*
*132*
*1%*
*85*
*56%*
PAT Margin (%)
6.8%
7.3%
5.0%
*Particulars (Rs. Cr)* *FY24* *FY23* *Y-o-Y*
Revenue 7,313 6,870 6%
Material Margin 2,313 2,189 6%
Material Margin (%) 31.6% 31.9%
EBITDA 714 770 -7%
EBITDA Margin (%) 9.8% 11.2%
PAT 442 476 -7%
PAT Margin 6% 6.9%
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