Crompton Greaves Consumer Electricals jumped 7.78% to Rs 308.75 after the FMEG company posted a 27.8% rise in consolidated net profit to Rs 141.68 crore in Q2 September 2020 from Rs 110.88 crore in Q2 September 2019.
Consolidated net sales for Q2 September 2020 stood at Rs 1,213 crore, rising 12.8% as against Rs 1,075.79 crore in the corresponding quarter last year. The result was announced after market hours yesterday, 22 October 2020.Profit before tax (PBT) stood at Rs 189.14 crore in Q2 September 2020, surging 49% year on year (YoY). Current tax expenses were steeply higher at Rs 49.86 crore in Q2 September 2020 compared with Rs 0.43 crore in Q2 September 2019.
The Electrical Consumer Durables segment grew 18%, driven by strong performance in all segments. Lighting business continued on its recovery path on the back of strong volume growth in LED products. The company further added that the actions taken to reduce costs and improve mix in lighting have helped deliver double digit margins of 11.7%.
EBITDA rose nearly 47% to Rs 191 crore in Q2 September 2020 from Rs 130 crore in Q2 September 2019. EBITDA margin grew to 15.8% in Q2 September 2020 from 12% in Q2 September 2019.
Commenting on the performance, Shantanu Khosla, MD said, We continue to remain focused on the health and well-being of our employees and our partners. All segments of our business have continued to recover through the quarter. Our GTM investments are resulting in increased distribution across traditional and alternate channels. 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.
Meanwhile, the company has declared an interim dividend of Rs 3 per share.
Crompton Greaves Consumer Electrical manufactures and markets a wide spectrum of consumer products, ranging from fans, lamps and luminaries to pumps and household appliances such as water heaters, coolers, mixer grinders and irons.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU