Crompton Greaves Q4 Review - Strong Growth Momentum In Electrical Consumer Durable Continues: Motilal Oswal

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Motilal Oswal Report

Crompton Greaves Conusmer Electricals Ltd.’s topline came in ~6% higher than our estimate.

The beat was driven by higher revenue growth in the electrical consumer durable segment, with growth across fans, pumps, and appliances.

Margin in the lighting segment continued to revive and stood at double-digits for the third consecutive quarter, with sequential expansion owing to sustained volume and value growth, coupled with cost rationalization.

While the management does not expect the current margin in lighting (~15% in Q4 FY21) to sustain, a lower double-digit margin is achievable.

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