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Crompton Greaves: Profit growth under pressure - Views on News from Equitymaster

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Crompton Greaves: Profit growth under pressure
Aug 7, 2013

Crompton Greaves has announced first quarter results of financial year 2013-14 (1QFY14). The company has reported 12.3% YoY growth in topline. However, net profits have declined by 30.1% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated topline grows by about 12.3% YoY during the quarter. The growth has come in on the back of about 20.6% YoY increase in consumer products business. Revenues from industrial systems segment also increased 11.6% YoY. However, revenues from power systems business increased at a modest pace of 8.5% YoY.
  • Operating profits contract by 13.2% YoY during the quarter. Operating margins also fell by 1.3% YoY during the quarter to 4.6% in 1QFY14.
  • Amidst dismal performance at the operating level, net profits declined 30.1% YoY during the quarter.
  • The unexecuted order book stood at Rs 97.7 bn. The company registered an order inflow of approximately Rs 24.4 bn during the quarter.
  • The current quarter results are not fully comparable as the result of a subsidiary company, ZIV Group, acquired during last year, has been consolidated into the accounts in this quarter.

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