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Crompton Greaves Consumer Electricals Ltd.’s topline came in 12% higher than our estimates. The beat was driven by higher revenue growth in the electrical consumer durables segment, with growth across fans, pumps, and appliances.
Margin in the lighting segment continued to revive and stood at double-digits for the second consecutive quarter, thus indicating sustainability.
It gained market share in fans and appliances, and continued its volume growth in the business-to-consumer lighting category (up 13% YoY).
The management continues to deliver on our investment thesis. In spite of commodity headwinds, the company has been able to maintain gross margin.
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