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CROMPTON

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-0.40 (-0.14%)

NSE Volume

19L+

Broker Reports

Call Price: ₹402
24 FEB 22
Target: ₹583
Change: ₹416.6 (2.71%)

BUY

Call Price: ₹408
24 FEB 22
Target: ₹530
Change: ₹416.6 (2.71%)

BUY

Call Price: ₹408
24 FEB 22
Target: ₹465
Change: ₹405.6 (-0.69%)

HOLD

Call Price: ₹408
23 FEB 22
Target: ₹533
Change: ₹405.6 (-0.69%)

BUY

Call Price: ₹408
24 FEB 22
Target: ₹575
Change: ₹404.6 (-0.93%)

BUY

Call Price: ₹415
31 JAN 22
Target: ₹594
Change: ₹414.55 (-2.14%)

BUY

Call Price: ₹446
25 NOV 21
Target: ₹590
Change: ₹436.6 (-2.23%)

BUY

Call Price: ₹450
26 OCT 21
Target: ₹525
Change: ₹467.65 (-1.29%)

BUY

Call Price: ₹451
25 OCT 21
Target: ₹505
Change: ₹471.55 (1.51%)

BUY

Call Price: ₹451
26 OCT 21
Target: ₹583
Change: ₹471.9 (1.58%)

BUY

Call Price: ₹451
26 OCT 21
Target: ₹575
Change: ₹464.55 (3.02%)

BUY

Call Price: ₹450
25 OCT 21
Target: ₹590
Change: ₹464.55 (3.02%)

BUY

Call Price: ₹451
25 OCT 21
Target: ₹530
Change: ₹467.95 (3.77%)

BUY

Call Price: ₹468
26 JUL 21
Target: ₹530
Change: ₹459.9 (-0.21%)

BUY

Call Price: ₹251
24 MAY 21
Target: ₹459
Change: ₹452.1 (0.47%)

BUY

Call Price: ₹470
26 JUL 21
Target: ₹549
Change: ₹452.1 (0.47%)

BUY

Call Price: ₹471.6
27 JUL 21
Target: ₹475
Change: ₹487.05 (3.36%)

ADD

Call Price: ₹401.15
15 MAR 21
Target: ₹500
Change: ₹399.05 (-0.52%)

BUY

Call Price: ₹414.94
25 JAN 21
Target: ₹475
Change: ₹428.8 (4.14%)

BUY

Call Price: ₹414.94
25 JAN 21
Target: ₹447
Change: ₹410.5 (-0.3%)

BUY

Call Price: ₹311.87
23 OCT 20
Target: ₹346
Change: ₹311.55 (2.58%)

BUY

Call Price: ₹260.44
28 SEP 20
Target: ₹308
Change: ₹260.05 (-0.25%)

BUY

Call Price: ₹253.3
11 SEP 20
Target: ₹310
Change: ₹272.05 (6.9%)

BUY

Call Price: ₹202.57
19 MAY 20
Target: ₹265
Change: ₹215.05 (1.03%)

BUY

Crompton Greaves Consumer Electricals (CGCEL) posted 4QFY20 revenue of Rs10.2bn, down 16% YoY, 8%/10% below our/consensus estimates. CGCEL lost primary sales of Rs3bn in March owing to COVID-19 lockdown; adjusting the same it would have posted 9% YoY growth in 4QFY20. CGCEL’s overall B2C volume/value growth in Jan-Feb months was 33%/14 YoY, respectively. Electric Consumer Durables (ECD) sales fell 14% YoY to Rs7.4bn (73% of total sales), but growth in Jan-Feb months was strong, driven by fans, domestic pumps and appliances. Lighting revenue fell 19% YoY to Rs2.8bn (27% of total sales) due to lower LED prices YoY and slowdown in B2B/B2G orders (50% of segment sales). Gross margin rose 60bps YoY to 31.6% due to improved sales mix and benefits from cost optimization program. EBITDA fell 18% YoY to Rs1.4bn. However, operating margin remained healthy at 13.6%, down 40bps YoY, above our/consensus estimates of 12.6%/12.8%. EBIT margin for ECD segment was up 50bps YoY at 20%, while Lighting segment EBIT margin was down 450bps YoY at 7%, but flat QoQ. PAT fell 30% YoY to Rs1bn (partly impacted by higher tax rate at 25.5% v/s 15.7% YoY), in line with our/consensus estimates. While COVID-19 lockdown will impact growth in FY21E, CGCEL has identified cost savings worth Rs1bn to cushion margins. The manufacturing plants are running at 20%-25% capacity in one shift due to (1) strict social distancing practice, (2) adequate inventory of one month with the company and (3) lower demand. CGCEL’s 22 warehouses out of 23 are operating currently, while 40%-50% of retail touch points have resumed work with 60%-70% capacity. Demand from Orange and Green zones is back to 60%-70% level, while it is 20%-25% for Red zone. We have revised our estimates factoring in the COVID-19 lockdown. We maintain Buy rating on the stock with a revised target price of Rs265 (Rs285 earlier) based on 38x FY22E earnings.
... Read more
Call Price: ₹204.64
18 MAY 20
Target: ₹267
Change: ₹205 (3.38%)

BUY

We cut Crompton’s FY21/FY22 EPS by 16.7% and 8.4% given Covid-19 led disruption in demand. However, we believe Crompton is better placed than most of its peers given 1) low discretionary nature of products (fans, lighting and pumps.) 2) lesser dependence on seasonal products & 3) limited exposure to B2B segment. With demand uncertain, Crompton has implemented additional cost saving measures (Rs1bn) to rein in costs. However, to drive long term growth Crompton shall continue to invest in longer term strategic initiatives like 1) distribution & GTM initiatives 2) Product innovations (incl Health & Wellness) & 3) entry in new categories We retain our positive stance on Crompton given 1) sustained growth potential in core categories of fans, pumps 2) well defined plan to scale up new segments like Geysers, Air Coolers and now mixers and grinders 3) rising innovations 4) increasing focus on brand building and 5) strong balance sheet. We estimate 14.9% PAT CAGR over FY20-22. Maintain BUY with a target price of Rs267/- (30x FY22 EPS)
... Read more
Call Price: ₹266.18
30 JAN 20
Target: ₹306
Change: ₹284.1 (6.19%)

BUY

We retain our positive stance on Crompton given 1) sustained growth potential in core categories of fans, pumps 2) well defined plan to scale up new segments like Geysers, Air Coolers and now mixers and grinders 3) rising innovations 4) increasing focus on brand building and 5) strong balance sheet. We estimate 19% PAT CAGR over FY20-22 and value the stock at 30x Dect21 EPS of Rs10.2. Maintain BUY with a target price of Rs306/-
... Read more
Call Price: ₹256.27
24 OCT 19
Target: ₹335
Change: ₹253.05 (-1.58%)

BUY

The bottomline was 14%/3% above our/consensus estimates. CGCEL aims to sustain healthy growth and margin led by premiumisation, meaningful innovation, cost reduction, augmentation of distribution network and significant investments in product categories. We have cut our earnings estimates by 2%/4%/4% for FY20E/FY21E/FY22E, owing to low profitability in the Lighting segment. We maintain Buy rating on the stock with a revised target price of Rs335 (Rs350 earlier) based on 35x September 2021E earnings.
... Read more
Call Price: ₹256.27
24 OCT 19
Target: ₹339
Change: ₹257.1 (1.14%)

BUY

Crompton’s 2Q performance was weak. Dull show in lighting overshadows ECD performance. Crompton remains committed to improve their lighting biz via investments in B- B (inspired by Havells). We believe Crompton’s 2HFY20 performance will be similar to 1H and hence don’t expect a sharp recovery (unlike peers). We cut EPS by 3-5% over FY19- 22E. We value the co at 35x on Sep-21 EPS, arriving at a TP of Rs 339. Maintain BUY
... Read more
Call Price: ₹254.99
25 OCT 19
Target: ₹303
Change: ₹254.6 (-0.24%)

BUY

We remain positive on Crompton given 1) strong growth potential in core categories of fans, pumps 2) well defined plan to scale up new segments like Geysers, Air Coolers and now mixers and grinders 3) rising innovations and 4) increasing focus on brand building. We estimate 22% PAT CAGR over FY19-22 and value the stock at 30x Sept21 EPS of Rs10.1. Maintain BUY with a target price of Rs303
... Read more
Call Price: ₹225.25
29 JUL 19
Target: ₹304
Change: ₹228 (1.49%)

BUY

Brighter (lighting) days ahead Crompton’s 1Q performance was a mixed bag with beat in ECD while miss on lighting. Co’s success in ECD with market share gains in fans and higher aggression in appliances was encouraging. Lighting disappoints with legacy issues (conventional lighting) and investments in B2B. We cut EPS by 2-3% over FY20-21E. We value co at 35x on Jun-21 EPS, arriving at a TP of Rs 304.
... Read more
Call Price: ₹225.25
29 JUL 19
Target: ₹275
Change: ₹228 (1.49%)

BUY

DART view: In line quarter; ECD grew strongly: Maintain Buy The Q1FY19 results were in line with our estimates. The ECD growth was strong, with seasonal impetus for fans and pumps. However, price erosion continued in the B2B lighting, falling 5-7% YoY. Although Crompton, is trying to offset it with premium products in B2C. Lighting margins contracted 631bps QoQ, on account of higher A&P spend and accounting provisions, while EBIT margins for ECD expanded, due to better product mix. We maintain our Sales/EBITDA/PAT in FY20E, and expect the company to report a sales/PAT CAGR of 15%/17%, respectively, over FY19-21E. We view the company as a good adjunct between Havells and V-Guard, and maintain Buy, with an unchanged TP of 275, valuing the stock at 31x for FY21E.
... Read more
Call Price: ₹226.65
26 JUL 19
Target: ₹270
Change: ₹228 (1.49%)

BUY

We like CROMPTON for its strong product portfolio, established brand, market leadership, wide distribution network, robust RoE/RoCE profile and healthy free cash flow generating business model. We maintain our Buy rating with TP of INR270 (30x Mar’21 EPS).
... Read more
Call Price: ₹224.5
26 JUL 19
Target: ₹285
Change: ₹228 (1.49%)

BUY

CGCEL aims to sustain healthy growth and margin led by premiumisation, meaningful innovation, cost reduction, augmentation of distribution network and scaling-up of new product categories. We have marginally tweaked our earnings estimates and maintained Buy rating on the stock with a target price of Rs285 based on 35x FY21E earnings.
... Read more
Call Price: ₹224.5
26 JUL 19
Target: ₹290
Change: ₹228 (1.49%)

BUY

With continued strong demand for new launches, market leadership and robust distribution network, we expect CGCEL’s earnings to clock 14% CAGR through FY19-21E, while RoCE is likely to improve to 42.7% in FY21E (from 40.8% in FY19). At CMP, the stock trades at 30.6x of FY20 and 25.6x of FY20 earnings. Valuing at 35x P/E to its FY20E EPS, we maintain our BUY recommendation on the stock with an revised Target Price of Rs290 (from Rs297).
... Read more
Call Price: ₹229.5
25 JUL 19
Target: ₹297
Change: ₹228 (1.49%)

BUY

We retain our positive stance on Crompton given 1) success of new launches in emerging segments like Geysers and Air Coolers 2) rising innovations with products like Anti-Bac, Air Buddy, Aura Fluidic and Crest Mini in mature categories 3) deeper distribution reach (through GTM) 4) increasing focus on brand building and 5) gains from cost optimization program (Unnati). We estimate 20% PAT CAGR over FY19-21 and value the stock at 33x June 21 EPS of Rs9. Maintain BUY with a target price of Rs297 (earlier Rs284)
... Read more
Call Price: ₹220.3
24 MAY 19
Target: ₹275
Change: ₹226 (-1.57%)

BUY

We marginally lower our sales/EBITDA/PAT estimates by 3%/4%/1%, respectively, in FY20E, and expect the company to report a sales/PAT CAGR of 15%/17%, respectively, over FY19-21E. We view the company as a good adjunct between Havells and V-Guard, and maintain Buy, with an unchanged TP of Rs275, valuing the stock at 31x for FY21E.
... Read more
Call Price: ₹219.2
23 MAY 19
Target: ₹297
Change: ₹226 (-1.57%)

BUY

Call Price: ₹219.2
23 MAY 19
Target: ₹284
Change: ₹226 (-1.57%)

BUY

However, with commodity pressure subsiding, strong growth potential in Electronic Consumer Durables (ECD) segment, strong LED volume growth, increasing GTM (Go to Market) reach in distribution, thrust on innovation & cost optimization, we remain positive on long term growth prospects. We estimate 20% PAT CAGR over FY19-21 and value the stock at 33x March 21 EPS. Maintain Buy with a target price of Rs284 (earlier Rs272).
... Read more
Call Price: ₹230.34
5 APR 19
Target: ₹275
Change: ₹226 (-1.57%)

BUY

Call Price: ₹216.1
4 FEB 19
Target: ₹297
Change: ₹226 (-1.57%)

BUY

Call Price: ₹212.6
2 FEB 19
Target: ₹270
Change: ₹226 (-1.57%)

BUY

Call Price: ₹212.6
2 FEB 19
Target: ₹297
Change: ₹226 (-1.57%)

BUY

Call Price: ₹214.67
31 JAN 19
Target: ₹270
Change: ₹226 (-1.57%)

BUY

Call Price: ₹215
30 JAN 19
Target: ₹272
Change: ₹226 (-1.57%)

BUY

Crompton seems on course to increase Lighting segment margins to double digits (250 bps QoQ expansion to 8.9%) led by 1) design optimization 2) direct sourcing of components from China 3) participating in E-auctions 4) increasing in-house manufacturing and 5) Price increase in LED bulbs. We estimate 20.5% PAT CAGR over FY19-21. We expect it to turn net cash positive in FY19 with ROE and ROCE of 41% and 40%. We believe acquisition in small appliance segment can increase growth rates. We value the stock at 33x Dec20 EPS. Maintain Buy with a target price of Rs272 (earlier Rs276).
... Read more
Call Price: ₹195.2
29 OCT 18
Target: ₹280
Change: ₹226 (-1.57%)

BUY

Call Price: ₹198.29
26 OCT 18
Target: ₹276
Change: ₹226 (-1.57%)

BUY

Call Price: ₹222.65
6 SEP 18
Target: ₹290
Change: ₹226 (-1.57%)

BUY

Call Price: ₹233.8
5 SEP 18
Target: ₹305
Change: ₹226 (-1.57%)

BUY

Call Price: ₹261
17 AUG 18
Target: ₹305
Change: ₹226 (-1.57%)

BUY

Call Price: ₹243.87
27 JUL 18
Target: ₹290
Change: ₹226 (-1.57%)

BUY

Call Price: ₹244.55
27 JUL 18
Target: ₹280
Change: ₹226 (-1.57%)

BUY

Call Price: ₹237.8
27 JUL 18
Target: ₹280
Change: ₹226 (-1.57%)

BUY

Call Price: ₹237.8
27 JUL 18
Target: ₹290
Change: ₹226 (-1.57%)

BUY

Call Price: ₹242.63
18 MAY 18
Target: ₹285
Change: ₹226 (-1.57%)

BUY

Call Price: ₹228.9
17 MAY 18
Target: ₹280
Change: ₹226 (-1.57%)

BUY

Call Price: ₹228.9
17 MAY 18
Target: ₹270
Change: ₹226 (-1.57%)

BUY

Call Price: ₹228.9
17 MAY 18
Target: ₹299
Change: ₹226 (-1.57%)

BUY

Call Price: ₹231.55
20 FEB 18
Target: ₹297
Change: ₹226 (-1.57%)

BUY

Call Price: ₹255.96
1 FEB 18
Target: ₹295
Change: ₹226 (-1.57%)

BUY

Call Price: ₹253.32
24 JAN 18
Target: ₹290
Change: ₹226 (-1.57%)

BUY

Call Price: ₹249.75
25 JAN 18
Target: ₹290
Change: ₹226 (-1.57%)

BUY

Call Price: ₹253.32
24 JAN 18
Target: ₹297
Change: ₹226 (-1.57%)

BUY

Call Price: ₹219.48
2 NOV 17
Target: ₹268
Change: ₹226 (-1.57%)

BUY

Call Price: ₹218.5
30 OCT 17
Target: ₹260
Change: ₹226 (-1.57%)

BUY

Call Price: ₹220.89
27 OCT 17
Target: ₹260
Change: ₹226 (-1.57%)

BUY

Call Price: ₹209
28 JUL 17
Target: ₹240
Change: ₹226 (-1.57%)

BUY

Call Price: ₹208
28 JUL 17
Target: ₹246
Change: ₹226 (-1.57%)

BUY

Call Price: ₹220
27 JUN 17
Target: ₹260
Change: ₹226 (-1.57%)

BUY

Call Price: ₹236.5
6 JUN 17
Target: ₹246
Change: ₹226 (-1.57%)

HOLD

Call Price: ₹224
29 MAY 17
Target: ₹248
Change: ₹226 (-1.57%)

BUY

Call Price: ₹216
4 MAY 17
Target: ₹262
Change: ₹226 (-1.57%)

BUY

Call Price: ₹146.95
16 NOV 16
Target: ₹165
Change: ₹226 (-1.57%)

BUY

About
Crompton Greaves Consumer Electricals Ltd. NSE: CROMPTON | BSE: 539876 | ISIN: INE299U01018 | Sector: Electric Equipment
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