Consumer Electricals Sector Update - Continued Growth Trajectory: Dolat Capital

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Dolat Capital Report

Q3 numbers saw a beat across sales, Ebitda, and PAT (Exhibit 1) with a 200 bps expansion in operating margins despite flat gross margins.

In Q3, ECD margins came in flat at 19.8% while lighting was up 539 basis points YoY to 12.3% as price erosion got arrested in this segment.

Growth momentum continued with increased focus on rural and modern channel expansion by +50% YoY, with an 1% increase in market share in its main product-fans.

Company has maintained double digit margins across its product segments due to effective cost optimisation.

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