External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<div><ul><li>Strong rebound in demand during Feb’22-Mar’22 after muted Jan’22: <span style="font-size: var(--content-font-size);">In 4QFY22 Pumps business faced a slowdown due to industry-wide weakness</span></li></ul><div><div><div><div><ul><li>Market share gain continues; distribution expansion to aid overall growth: On a rolling 12-month basis, the company gained 3% market share in the overall fans segment.</li></ul><div><div><div><div><ul><li>Cost-saving program helping protect margins: The company saved Rs680mn in 4QFY22 from Project UNNATI.</li></ul></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong rebound in demand during Feb’22-Mar’22 after muted Jan’22: In 4QFY22 Pumps business faced a slowdown due to industry-wide weaknessMarket share gain continues; distribution expansion to aid overall growth: On a rolling 12-month basis, the company gained 3% market share in the overall fans segment.Cost-saving program helping protect margins: The company saved Rs680mn in 4QFY22 from Project UNNATI.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Crompton Greaves Consumer Electricals - Strong Rebound Post Weak Jan'22

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Market leader in the domestic fan industry with value market share of 27%.</li><li>The company has enhanced focus on increasing market share in home appliances categories like (air coolers, water heater and kitchen appliances) Robust balance sheet with RoE &amp; RoCE of 34% &amp; 39% (three-year average),.</li><li>.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Market leader in the domestic fan industry with value market share of 27%.The company has enhanced focus on increasing market share in home appliances categories like (air coolers, water heater and kitchen appliances) Robust balance sheet with RoE &amp; RoCE of 34% &amp; 39% (three-year average),..Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The acquisition values Butterfly at MCap/sales of 2.3x on annualized FY22E sales (TTK FY22E Mcap/Sales: 4.2x).</li><li>The acquisition will help Crompton to have stronger connect in south India, expand distribution network, will offer better right-to-win in kitchen appliances and reduce over dependence on Crompton brand.</li><li>.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The acquisition values Butterfly at MCap/sales of 2.3x on annualized FY22E sales (TTK FY22E Mcap/Sales: 4.2x).The acquisition will help Crompton to have stronger connect in south India, expand distribution network, will offer better right-to-win in kitchen appliances and reduce over dependence on Crompton brand..Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Butterfly acquisition likely to be earnings accretive in FY24 assuming 5% synergy benefits

<p>Market leader in the domestic fan industry with value market share of 27%. The company has enhanced focus on increasing market share in home appliances categories like (air coolers, water heater and kitchen appliances) Robust balance sheet with RoE &amp; RoCE of 34% &amp; 39% (three-year average), respectively, with stringent working capital policy Q3FY22 Results: Delivered in line performance; premium fans reported 30% YoY...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Market leader in the domestic fan industry with value market share of 27%. The company has enhanced focus on increasing market share in home appliances categories like (air coolers, water heater and kitchen appliances) Robust balance sheet with RoE &amp; RoCE of 34% &amp; 39% (three-year average), respectively, with stringent working capital policy Q3FY22 Results: Delivered in line performance; premium fans reported 30% YoY...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Crompton Greaves Consumer Electricals Limited manufactures consumer electrical products. The Company offers fans, lamps, luminaires, and pumps, as well as a variety of other household appliances.

Crompton Greaves Consumer Electricals (CROMPTON IN)

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Crompton Greaves Consumer Electricals (CROMPTON IN)

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

Crompton Greaves Consumer Electricals - Strong Rebound Post Weak Jan'22

Crompton Greaves Consumer Electricals (CGCEL) reported 4QFY22 revenue of Rs15.5bn, up 1.7% YoY. The topline was 21%/4.1% below our/consensus estimate.

Nirmal Bang

Crompton Greaves Consumer Electrials

Market leader in the domestic fan industry with value market share of 27%. The company has enhanced focus on increasing market share in home...

ICICI Securities Limited

Butterfly acquisition likely to be earnings accretive in FY24 assuming 5% synergy benefits

The acquisition values Butterfly at MCap/sales of 2.3x on annualized FY22E sales (TTK FY22E Mcap/Sales: 4.2x). The acquisition will help Crompton...

ICICI Securities Limited

Crompton Greaves Consumer Electrials

Market leader in the domestic fan industry with value market share of 27%. The company has enhanced focus on increasing market share in home...

ICICI Securities Limited

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