yup, you can create custom smallcase in the app to do that. It’s been some time since I’ve used it so not sure if they charge for it, so I’d check the fee structure before jumping in.

Crompton Greaves Consumer Electricals

Q2 FY25 results and concall highlights –

Revenues – 1896 vs 1782 cr, up 6 pc
Gross Margins @ 32.7 vs 31.3 pc
EBITDA – 203 vs 175, up 17 pc ( margins @ 10.7 vs 9.8 pc )
PAT – 128 vs 101 cr, up 27 pc ( margins @ 6.8 vs 5.7 pc )

Segment wise performance –

Electrical consumer durables ( ECD ) –

Revenues – 1393 vs 1238 cr, up 13 pc
EBIT – 206 vs 176 cr, up 18 pc ( margins @ 14.8 vs 14.2 pc )

Price increases and premiumisation in ECD portfolio led to margins improvement

Executed 42 cr worth Solar pump orders in Q2. Also continued growth in residential pumps led by new product launches

Witnessed strong growth in Mixer-Grinders portfolio

Built in Kitchen appliances recorded a revenue of 19 cr. Still operating in the EBIT negative territory ( although the losses have reduced considerably )

Lighting –

Revenues – 253 vs 238 cr
EBIT – 27 vs 25 cr ( margins @ 10.7 vs 10.5 pc )

Witnessed strong growth in ceiling panels and battens amid price erosion

Focusing on improving the range of higher Wattage and Premium products

Butterfly –

Revenues – 258 vs 308 cr ( down YoY, however, witnesses strong QoQ growth of 42 pc )
EBIT – 17 vs 20 cr, EBIT margins improved from 5.1 pc in Q1 to 8.9 pc in Q2

Company undertook a lot of business restructuring wef Q3 FY 24 wrt their butterfly brand. Business now getting back on track post the restructuring

Fans business grew by 5 pc, Crompton branded appliances ( like coolers, heaters, mixer-grinders ) and Pumps grew by 20 pc YoY

Have crossed sales for 100 cr in H1 in the solar pumps category. Plus the order book for the Solar pumps business continues to be strong

A&P spends stood @ 58 cr a jump of 70 pc over Q1 !!!

Company has taken price hikes in the Fans portfolio ( being the Mkt leader ). However, competition has till now refrained from taking up price hikes

Decorative ceiling panels is now company’s largest segment in the lighting business

In South India, Crompton and Butterfly’s kitchen appliances have different front ends and sales teams. Outside South India ( where Butterfly is not strong ), sales teams are same for both the brands. Back ends for both brands do share significant synergies

Company continues to be extremely bullish about their Solar Pumps business as the demand trends are extremely strong ( aided by a strong Govt push via Kusum scheme )

Company witnessed good festive demand for kitchen appliances during the festive period

Channel inventory remains @ normal levels

Disc: I keep trading in and out of this stock, biased, not SEBI registered, not a buy/sell recommendation

Just went through the Q2 FY 25 concall. I am a bit concerned about the way the management spoke with one of the investors.

Maybe the investor’s questions were ignorant (I don’t think they were) and maybe he was asking things which cannot be predicted before plant is operational. I have seen many investors and analysts ask much more basic questions in other concalls and generally good management answer them politely.

The company management spoke things like, “you should be aware of what’s happening in the country then you wouldn’t have asked such questions”, or “don’t waste your and my time”. To me, this looks like a big red flag.

Otherwise, didn’t find too much negative in the results and future plans. Lot of capacity coming up in a few years. Company is waiting on approvals and that was one of the concerns from the investor. Other than that, I was hoping to get an update on the hotel business but there was no updated provided around that.

Hopefully, I am not reading too much into it. Would love to hear thoughts of other members on this.

Disc: invested and thinking about exiting.

In additional to Nifty 50 ETFs and MFs, BAT also seems to have plans to sell ITC hotels shares once listed. This selling pressure may impact market cap post listing, but only for short term is what I feel. Based on the data from investor presentation, their long term strategy seems good with respect to setting up new hotels and focus on Portfolio Premiumisation.

BAT to check out of ITC’s demerged hotels business – The Economic Times.

Disc: Invested.