Butterfly Gandhimathi Outperforming Industry Revenue Growth: ICICI Direct

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ICICI Direct Report

Butterfly Gandhimathi Appliances Ltd. reported strong revenue growth of 70% YoY to Rs 298 crore in Q3 FY21.

The healthy growth was on the back of enhanced customer interest in kitchen appliances due to accentuated preference for home cooked food. Revenue growth was visible across all channels except gas dealers.

Though gross margins were lower (change in product, channel mix) by 400 basis points YoY to 41.7%, Ebitda margins expanded 480 basis points YoY to 12% due to positive operating leverage.

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