Crompton Greaves Consumer Electricals (CGCEL) has posted a 17.4 percent year-on-year (YoY) growth in its June quarter (Q1) consolidated net profit to Rs 122.44 crore.
Total income for Q1FY20 was Rs 1,346.8 crore, an 11.9 percent YoY growth. The company said this was largely driven by volume growth.
The electrical consumer durables (ECD) segment grew by about 16 percent. This, Crompton said, was driven by strong performance in fans, pumps and coolers. LED lighting continued to see robust volume growth partly offset by price erosion.
However, conventional lighting continued to decline. Overall, lighting products saw a 1.8 percent YoY drop in revenues in Q1 to Rs 273.94 crore.
Shantanu Khosla, Managing Director, CGCEL said the ECD segment continued its strong growth and the ongoing efforts in driving innovation with the introduction of ‘Aura Fluidic’ fan and ‘Optimus’ desert cooler helped sustain this momentum.
"We will continue to focus on new product launches and brand development in line with our objectives. Investments in B2B lighting are beginning to show results with a healthy order pipeline. Our cost reduction program continues to deliver encouraging results-driving bottom line faster than the topline," added Khosla.
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