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Anand Rathi Report
Helped by a low base, revived sentiment, premiumisation, network expansion, pricing and cost control, Crompton Greaves Consumer Electricals Ltd.’s Q4 revenue/adjusted profit after tax were up 48%%/64% YoY.
Market-share gains in key categories continue (up 1% in fans).
Management expects demand to return once markets open; premiumisation, cost control and pricing will protect margins in rising raw material costs scenario.
Product innovation, network expansion (rural/weak regions) and strong balance-sheet are key growth drivers.
High cash (Rs 9 billion) and future free cash flows will be re-invested in growth capex or be distributed as dividend.
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