Consolidated Revenue grew 5% on YoY basis in FY22. During the year, Consumer Products Segment grew by 14% on YoY basis led by Strong double-digit growth in Fans, Appliances and Lighting. Synchronised growth across channels of Trade, MT, E-Com and Institutions. During the year, Illumination BU grew by 16% on YoY basis amidst industry de-growth.
Consumer Products (CP) Performance (6.4% YoY growth; 18% 2-Year CAGR): Surpassed INR 1,000 crores mark (consecutively for last 3 quarters). Operating Margin at 6.2%, dilution of 250 bps mainly on a/c of commodity headwinds & unfavourable mix. Surpassed milestone of INR 1,000 crores annual sales for fans. Balanced Portfolio b/w Trade and Alternate (69: 31). Robust growth in Institution Channel (22% YoY) & Exports (26% YoY), albeit on small base. Sunrise channels E-Com & MT grew >20% YoY (full year basis). Flattish volume due to subdued rural demand & lower offtake in E-Com. Gross Margin & EBIT dilution in excess of 200 bps mainly on a/c of commodity headwinds (no price-hikes taken in Q4).
Fans : > 20% growth on YoY basis backed by 130+ new launches in last 2 years (mainly premium & decorative) Lighting : >30% growth on YoY basis aided by launches in value accretive subsegments (Panels, Battens, D/Ls) Appliances : De-growth on back of base effect, however 2-year CAGR at c.14%.
EPC: 5% revenue growth YoY led by calibrated & value accretive scaling. Consolidation of leadership in Illumination (sequential growth of c.18% on QoQ basis). Carry Forward Order Book of INR 964 crores (Illumination – 160, PT - 782, PD - 22 crores).
Milestone achievement of Net-Debt free status as on end FY22.
Strong CFO generation in excess of INR 900 Crores for FY22 (approx. INR 2,200 Crores of CFO in last 3 years)
Corporate restructuring and Consolidation a. Demerger of Power Transmission & Distribution BU into “Bajel Projects Ltd” b. Acquisition of SLL & Nirlep – for simplified structure and integrated functioning.
Disclaimer: The information here is provided for reference purposes only and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell stocks or MF.
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