ICICI Securities: Crompton Greaves - Externalities Challenging, Execution On Track 
Inside a newly opened Crompton Greaves store in Cochin, India (Source: CG Twitter Handle)

ICICI Securities: Crompton Greaves - Externalities Challenging, Execution On Track 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Covid-19 impact led to approximately 47% drop in Crompton Greaves Consumer Electricals Ltd.’s Q1 FY21 revenue, while margin remained resilient through lower advertisement expenses and cost savings.

From March 23, 2020 till April-end, operations were severely impacted. All factories, depots, distributors, wholesalers and retailers were closed due to the lockdown.

Business picked up in May and improved in June. Ebitda margin was almost flat at 14.1% in Q1 FY21 driven by 12% reduction in employee costs, no advertisements and sales promotion (3.3% of sales in Q1 FY20) and 51% lower other expenses (due to lower activity and cost control programs).

Click on the attachment to read the full report:

ICICI Securities - Crompton Greaves Q1FY21 Result Review.pdf

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