Household Appliances company Crompton Greaves Consumer Electricals announced Q1FY24 results: Consolidated Q1FY24: Revenue for Q1FY24 at Rs 1,877 crore compared to Rs 1,863 crore in Q1FY23, up 1% YoY EBITDA for Q1FY24 at Rs 186 crore compared to Rs 220 crore in Q1FY23, down 16% YoY PAT for Q1FY24 at Rs 122 crore compared to Rs 126 crore in Q1FY23, down 3% YoY Standalone Q1FY24: Revenue for Q1FY24 at Rs 1,657 crore compared to Rs 1,608 in Q1FY23, up 3% YoY EBITDA for Q1FY24 at Rs 166 crore compared to Rs 194 crore in Q1FY23, down 14% YoY PAT for Q1FY24 at Rs 115 crore compared to Rs 128 crore in Q1FY23, down 10% YoY Commenting on the CGCEL’s performance, Promeet Ghosh, MD & CEO, said, “We witnessed a pickup in demand from June 2023 onwards amidst weak consumer sentiment in an inflationary environment and unfavourable weather conditions. ECD performance was led by Appliances, especially Mixer Grinders, Small Appliances, and Air Coolers. Our journey towards premiumization of our portfolio led to a higher share of premium Fans at 28% vs 24% in Q1FY23. In Pumps, we have strengthened our Residential product portfolio through our redefined brand architecture. Our focus on expanding the Rural channel will improve our share in the Agricultural segment. The lighting segment witnessed structural improvements in EBIT Margins to ~12% (+310 bps) and we have initiated corrective actions to put the lighting business back on its growth path. Our investments towards strengthening brand awareness, expanding our Go-to-Market strategy, building a centre for innovation excellence and people capabilities as well as cost optimization initiatives will help drive growth going forward.” Result PDF