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Crompton Greaves Consumer Electrical Ltd. continued its growth momentum in Q4 FY21 with topline, profit after tax growth of ~48%, ~144%, YoY, respectively, much ahead of our expectations.
The company gained 1% market share in the fan segment during FY21 and retained number one slot in the segment with overall market share of 27%.
However, in the near term, the company will witness demand challenges and Ebitda margin pressure due to lockdown, lower operating leverage and sharp rise in raw material prices.
Hence, we marginally cut our revenue, earnings estimate by 5%, 4%, respectively, for FY22E.
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