Crompton Greaves Consumer Electricals Ltd on Friday reported an over two-fold increase in its consolidated net profit at Rs 249.08 crore in the fourth quarter ended March 2021.
The company had posted a net profit of Rs 102.10 crore in the January-March quarter a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a BSE filing.
Its revenue from operations was up 48.3 per cent at Rs 1,522.05 crore during the quarter under review as against Rs 1,026.34 crore in the corresponding period of the last fiscal.
Commenting on the results, CGCEL Managing Director Shantanu Khosla said: "ECD (electric consumer durables) segment continued its strong performance, registering robust growth across categories and geographies. B2C LED lighting business continued its improving growth trend." While alternate channels such as e-commerce and rural market increased their contribution to the overall business.
"Despite soaring commodity costs, we have maintained our profitability," he said.
CGCEL's total expenses were at Rs 1,311.67 crore, up 45.49 in Q4/FY 2020-21, as against Rs 901.58 crore.
Its revenue from the electric consumer durables segment was up 60.98 per cent to Rs 1,193 crore during the January-March period from Rs 741.09 crore in the corresponding quarter a year ago.
While, revenue from lighting products was up 15.35 per cent at Rs 329.05 crore as compared with Rs 285.25 crore in the year-ago period.
"Lighting B2B activity continued to be challenged due to slow order pick up from institutional and government entities," Khosla said.
For the fiscal year 2020-21, CGCEL net profit rose 24.23 per cent to Rs 616.65 crore. It was Rs 496.39 crore in the previous year.
Its revenue from operations grew 6.26 per cent to Rs 4,803.51 crore. It was Rs 4,520.26 crore in FY 2019-20.
Meanwhile, in a separate filing CGCEL said its board in a meeting held on Friday has recommended payment of a Dividend of Rs. 2.50 per share for the financial year ended March 31, 2021, to the shareholders.
Shares of Crompton Greaves Consumer Electricals Ltd on Friday settled at Rs 388.80 apiece on the BSE, up 1.38 per cent from the previous close.