BusinessCrompton Greaves CGCEL consolidated profit up 33% to Rs 125.95 crore in...

Crompton Greaves CGCEL consolidated profit up 33% to Rs 125.95 crore in Q1 Results 2022

CGCEL said that there was an increase in business across all segments and alternative business channels of the company such as e-commerce, canteen stores and rural market.

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According to the results of Crompton Greaves Consumer Electricals Limited released on Friday, consolidated net profit increased 33 percent to Rs 125.95 crore for the first quarter ended June 30. Strong growth in sales in the first quarter led to a jump in profits. The company had reported a consolidated net profit of Rs 94.76 crore in the same period a year ago.

The company said they have raised Rs 600 crore through allotment of non-convertible debentures on private placement basis in two series. Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory file that the company’s annualized income increased to Rs 1,862.94 crore in the first quarter of FY23 as against Rs 1,050.48 crore in the same quarter last year.

The company also informed that the total expenditure in the first quarter of FY23 increased to Rs 1,693.09 crore as against Rs 943.08 crore in the same quarter last year. Commenting on the results, Shantanu Khosla, Managing Director, CGCEL Company, said,”The company’s business witnessed strong growth momentum in the first quarter. Along with this, the company posted strong revenue growth across all businesses of both Crompton and Butterfly. registered.”

He said that the company’s other business channels like e-commerce, canteen stores and rural market also saw an increase in the overall business of the company. Khosla further said that Butterfly (Butterfly Gandhimathi Appliances Ltd) in which the company had increased its stake to 81 per cent in June this year.

That company also did well in the first quarter after the acquisition. According to CGCEL, the company’s electric consumer durables segment earned Rs 1,347.18 crore in the first quarter of FY2023. The company’s lighting products revenue stood at Rs 262.26 crore while the income from butterfly products stood at Rs 253.5 crore. Its stock closed at Rs 377.05, down 1.69 per cent or 6.50 points at the time of market close on July 22, 2022.

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