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Crompton Greaves Consumer Electricals Ltd.’s Q4 numbers were largely in line across sales, Ebitda, and profit after tax with a 122 basis points expansion in operating margins despite lower gross margins by 81bps YoY.
In Q4, electrical consumer durables margins were down 187bps at 18.1% while lighting was up 841bps YoY to 16.1% despite price hikes as business to consumer demand picked up.
The company continues to lead growth through alternate channels with e-com revenues and rural expansion leading to a 1% gain in fans market share in FY21- sustainable in our view.
Margins remain strong being double digits despite input hikes through optimum product mix and cost rationalization.
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