Crompton Greaves Consumer Electricals Limited — Interim / Quarterly Report 2022

Jul 23, 2021

To,	To,
BSE Limited ("BSE"),	National Stock Exchange of India Limited
Corporate Relationship Department,	("NSE"),
2 nd Floor, New Trading Ring,	"Exchange Plaza", 5 th Floor,
P.J. Towers, Dalal Street,	Plot No. C/1, G Block,
Mumbai - 400 001.	Bandra-Kurla Complex
	Bandra (East), Mumbai - 400 051.
BSE Scrip Code: 539876	NSE Symbol: CROMPTON
ISIN: INE299U01018	ISIN: INE299U01018
Our Reference: 52 / 2021-22	Our Reference: 52 /2021-22

Firm's Registration No. 109982W

Independent Auditor's Review Report on Standalone Unaudited Quarterly and Year-to-Date Financial Results of Crompton Greaves Consumer Electricals Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To the Board of Directors of Crompton Greaves Consumer Electricals Limited

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results (the 'Statement') of Crompton Greaves Consumer Electricals Limited (the 'Company') for the period ended 30th June, 2021, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors on 23rd July, 2021. Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the standalone financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to Note 4 to the accompanying Statement with respect to possible effects that may result from COVID-19 pandemic and management's evaluation of its impact on the operations of the Company and on the aforesaid Statement, the extent of which is dependent upon future developments. Our conclusion is not modified in respect of this matter.

Mumbai, 23rd July, 2021

SHARP & TANNAN Chartered Accountants Firm's Registration No.109982W by the hand of

Edwin P. Augustine Partner Membership No. 043385 UDIN: 21043385AAAAEU3893

Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai - 400 020, India. Tel. (22) 2204 7722/23, 2286 9900 Fax (22) 2286 9949 E-mail : admin.mumbai@stllp.in Slu:eedhar T. Kunte Ramnath D. Kare Edwin P. Augustine Raghunath P. Acharya Firdosh D. Buchia Tirtharaj A. Khot Pavan K. Aggarwal Also at Pune. Associate Offices : New Delhi, Chennai, Bangalore, Baroda, Goa & Alunedabad

Crompton Greaves Consumer Electricals Limited Registered & Corporate Office: Tower 3, 1'' Floor, East Wing, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400 070.lndia T: +91 22 6167 8499 F: +91 22 6167 8383 W: w•.vw croinplon co in CIN: L31900MH2015PLC262254

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE. 2021

					(f crore)
Sr.No.	Particulars	Quarter Ended	Year Ended
		30.06.2021	31.03.2021	30.06.2020	31.03.2021
		Unaudited	Audited	Unaudited	Audited
			(Refer note 7)
1	Income
	(a) Revenue from operations	1,046.15	1,515.26	713.17	4,749.95
	(b) Other income	19.69	20.34	18.76	75.63
	Total income	1,065.84	1,535.60	731.93	4,825.58
2	Expenses
	(a)Cost of materials consumed	211.45	355.28	71.17	985.44
	(b)Purchases of stock-in-trade	517.98	817.53	284.86	2,283.20
	(c)Changes in inventories of finished
	goods, stock-in-trade and work-in-progress	(20.69)	(123.44)	125.32	(38.20)
	(d)Employee benefits expense	88.53	92.00	72.00	336.58
	(e)Finance costs	10.07	10.44	10.78	42.91
	Depreciation and amortisation expense(f)	7.57	7.16	7.99	29.69
	(g)Other expenses	126.11	149.06	61.00	478.24
	Total expenses	941.02	1,308.03	633.12	4,117.86
3	Profit before tax (1-2)	124.82	227.57	98.81	707.72
4	Tax expense
	a) Current tax	33.60	(16.91)	26.40	111.36
	b) Deferred tax	(1. 90)	(2.04)	(1.30)	(8.38)
5	Profit for the period/year (3-4)	93.12	246.52	73.71	604.74
6	Other comprehensive income/ (loss)
	(i) Items that will not be reclassified to profit or loss
	- Remeasurements gain/ (loss) on defined benefit plans	0.73	5.09	(0.72)	2.93
	(ii) Income tax relating to items that will not be reclassified
	to profit or loss	(0.18)	(1.28)	0.18	(0.74)
	Other comprehensive income / (loss)	0.55	3.81	(0.54)	2.19
7	Total comprehensive income (5+6)	93.67	250.33	73.17	606.93
8	Paid-up Equity share capital oft 2 each	125.56	125.54	125.46	125.54
9	Other Equity				1,793.45
10	Earnings Per Share (oft 2 each) (Not annualised)*			1.18*
	(a) Basic (in �)(b) Diluted (in �)	1.48*1.47*	3.93*3.90*	1.17*	9.649.56

SH A NTA NU ONoll_u;f..,o-::n,i. � ..... " ... '.""""'""""'"",.,,"'"'" MAHARAJ KHOSLA

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Crompton Greaves Consumer Electricals Limited Registered & Corporate Office: Tower 3, 1'1Floor, East Wing, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400 070.lndia T: +91 22 6167 8499 F: +91 22 6167 8383 W: Y!ww.cro111pto11.co.in CIN: L31900MH2015PLC262254

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30TH JUNE, 2021

					(f crore)
Sr.	Particulars	Quarter Ended			Year Ended
No.		30.06.2021	31.03.2021	30.06.2020	31.03.2021
		Unaudited	Audited	Unaudited	Audited
			(Refer note 7)
	1 Segment Revenue
	a) Electric Consumer Durables	884.41	1,193.00	596.53	3,757.13
	b) Lighting Products	161.74	322.26	116.64	992.82
	Total	1,046.15	1,515.26	713.17	4,749.95
	Less: lnter-Seqment Re1.enue	-	-	-	-
	Total Income from operations	1,046.15	1,515.26	713.17	4,749.95
	2 Segment Results:
	(Profit before tax and finance costs from each segment)
	a) Electric Consumer Durables	155.78	216.32	122.25	739.22
	b) Lighting Products	16.17	49.63	5.45	116.14
	Total	171.95	265.95	127.70	855.36
	Less: (i)Finance costs	10.07	10.44	10.78	42.91
	(ii)Other un-allocable expenditure net of
	un-allocated income	37.06	27.94	18.11	104.73
	Profit from ordinary activities before tax	124.82	227.57	98.81	707.72
	3 Segment Assets
	a) Electric Consumer Durables	941.58	912.83	571.46	912.83
	b) Lighting Products	358.02	386.80	420.02	386.80
	c) Unallocable	1,926.75	2.264.23	1,862.06	2,264.23
	Total Segment Assets	3,226.35	3,563.86	2,853.54	3,563.86
	4 Segment Liabilities
	a) Electric Consumer Durables	562.38	689.63	481.89	689.63
	b) Lighting Products	266.22	373.91	293.94	373.91
	c) Unallocable	371.24	581.33	532.91	581.33
	Total Segment Liabilities	1,199.84	1,644.87	1,308.74	1,644.87

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Crompton Greaves Consumer Electricals Limited Registered & Corporate Office: Tower 3, 1 st Floor, East Wing, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400 070 India T: +91 22 6167 8499 F: +91 22 6167 8383 W: v,1_vv1 c;rgn.}Q\QrJ�C_Qj_n CIN: L31900MH2015PLC262254

Notes on Standalone financial results:

• 1. The above standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors on 23rd July, 2021. Review under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the statutory auditors. Auditor's report does not contain any observation which would have an impact on the above results.
• 1. During the quarter, the Company has repaid on the due date Secured Non-Convertible Debentures amounting to Rs. 180 crore along with interest thereon.
• 1. The listed secured Non-Convertible Debentures of the Company aggregating to Rs. 300 crore as on 30th June, 2021 are secured by charge on Company's certain properties and charge on 'Crompton' Brand and Registered Trade Marks. The asset cover as on 30th June, 2021 exceeds hundred percent of the principal amount.
• 1. COVID-19 has caused disruptions to businesses across India. The management has considered subsequent events, internal and external information in finalising various financial estimates as at the date of approval of these financial results and have not identified any material impact on the carrying value of assets, liabilities or provisions. The management will continue to closely monitor any changes to future economic conditions and assess its impact on the operations.
• 1. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period when the Code becomes effective.
• 1. During the quarter, 1,23,277 Equity shares of face value Rs. 2 each were allotted upon exercise of the vested options under Employee Stock Option Scheme.
• 1. The figures for the quarter ended 31st March, 2021 are the balancing figures between the audited figures in respect of the full previous financial year and year-to-date figures upto the third quarter of the relevant financial year, which were subjected to limited review.
• 1. Figures of the previous year/ periods have been regrouped, wherever necessary.

For Crompton Greaves Consumer Electricals Limited

SHANTANU MAHARAJ KHOSLA

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Shantanu Khosla Managing Director DIN :00059877

Place: Mumbai Date: 23rd July,'2021

4 /,,_�,.,r '-> ,:r -' l / CHARTER ACCOUtHA

Firm's Registration No. 109982W

Independent Auditor's Review Report on Consolidated Unaudited Quarterly and Year-to-Date Financial Results of Crompton Greaves Consumer Electricals Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To the Board of Directors of Crompton Greaves Consumer Electricals Limited

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results (the 'Statement') of Crompton Greaves Consumer Electricals Limited (the 'Parent') and its subsidiaries (the Parent and its subsidiaries together referred to as the 'Group'), for the quarter ended 30th June, 2021 and for the period from 1st April, 2021 to 30th June, 2021, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors on 23rd July, 2021 has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34, Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular issued by the SEBI under Regulation 33(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• 1. The Statement includes the results of the following entities (wholly-owned subsidiaries):
  • (a) Pinnacles Lighting Project Private Limited; and
  • (b) Nexustar Lighting Project Private Limited.
• 1. Based on our review conducted and procedures performed as stated in Paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. . r s.:

':(\ r..-,....,,... r r .St...,- Ra r ijEl gate Reclamation, Dinshaw Vachha Road, Mumbai - 400 020, India. 1.. 12 86 9900 Fax (22) 2286 9949 E-mail : admin.mumbai@stllp.in , , :tli°' Ramnath D. Kare Edwin P. Augustine Raghunath P. Acharya ... _ __ ot�a .,.. Tirtharaj A. Khot Pavan K. Aggarwal Also at P une. Associate Offices : New Delhi, Chennai, Bangalore, Baroda, Goa & Ahinedabad

SHARP & TANNAN

1. We draw attention to Note 5 to the accompanying Statement with respect to possible effects that may result from COVID-19 pandemic and management's evaluation of its impact on the operations of the Company and on the aforesaid Statement, the extent of which is dependent upon future developments. Our conclusion is not modified in respect of this matter.

SHARP & TANNAN Chartered Accountants Firm's Registration No.109982W by the hand of

-Jl1:_

Edwin P. Auau;: Partner Membership No. 043385 UDIN: 21043385AAAAEV1168

Mumbai, 23rd July, 2021

Crompton Greaves Consumer Electricals Limited Registered & Corporate Office: Tower 3, 1" Floor, East Wing, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400 070.lndia T: +91 22 6167 8499 F: +91 22 6167 8383 W: www cram ton co in GIN: L31900MH2015PLC262254

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021

					(f crore)
No.	Sr. Particulars			Year Ended
		30.06.2021	31.03.2021	30.06.2020	31.03.2021
		Unaudited	Audited	Unaudited	Audited
			(Refer note 8)
1	Income
	(a) Re�nue from operations	1,050.48	1,522.05	720.10	4,803.51
	(b) Other income	19.60	20.60	18.58	75.75
	Total income	1,070.08	1,542.65	738.68	4,879.26
2	Expenses
	(a)Cost of materials consumed	211.45	356.15	71.17	986.31
	(b)Purchases of stock-in-trade	519.03	820.70	289.28	2,320.00
	(c)Changes in in�ntories of finished
	goods, stock-in-trade and work-in-progress	(19.82)	(124.31)	125.32	(39.07)
	(d)Employee benefits expense	88.53	92.00	72.00	336.58
	(e)Finance costs	10.07	10.44	10.78	42.91
	Depreciation and amortisation expense(f)	7.57	7.16	7.99	29.69
	Other expenses(a)	126.25	149.53	61.13	479.21
	Total expenses	943.08	1,311.67	637.67	4,155.63
3	Profit before tax (1-2)	127.00	230.98	101.01	723.63
4	Tax expense
	a) Current tax	34.15	(15.81)	27.54	115.61
	b) Deferred tax	(1. 91)	(2.29)	(1.33)	(8.63)
5	Profit for the period/year (3-4)	94.76	249.08	74.80	616.65
6	Other comprehensive income I (loss)
	(i) Items that will not be reclassified to profit or loss
	- Remeasurements gain/ (loss) on defined benefit plans	0.73	5.09	(0.72)	2.93
	(ii) Income tax relating to items that will not be reclassified
	to profit or loss	(0.18)	(1.28'	0.18	(0.74'
	Other comprehensive income / (loss)	0.55	3.81	(0.54}	2.19
7	Total comprehensive income (5+6)	95.31	252.89	74.26	618.84
8	Paid-up Equity share capital of� 2 each	125.56	125.54	125.46	125.54
9	Other Equity				1.805.89
	10 Earnings Per Share (of� 2 each) (Not annualised)*
	(a) Basic (in �)	1.51*	3.97*	1.19*	9.83
	I (bl Diluted (in �)	1.50*	3.94*	1.18*	9.75

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Crompton Greaves Consumer Electricals Limited Registered & Corporate Office: Tower 3, 1'' Floor, East Wing, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400 070.lndia T: +91 22 6167 8499 F: +91 22 6167 8383 W: wwwcromp\on.co.in GIN: L31900MH2015PLC262254

CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30TH JUNE, 2021

					(f crore)
Sr.	Particulars	Quarter Ended			Year Ended
No.		30.06.2021	31.03.2021	30.06.2020	31.03.2021
		Unaudited	Audited	Unaudited	Audited
			(Refer note 8)
	1 Segment Revenue
	a) Electric Consumer Durables	884.41	1,193.00	596.53	3,757.13
	b) Lighting Products	166.07	329.05	123.57	1,046.38
	Total	1,050.48	1,522.05	720.10	4,803.51
	Less: Inter-Segment Re-enue	-	-	-	-
	Total Income from operations	1,050.48	1,522.05	720.10	4,803.51
	2 Segment Results :
	(Profit before tax and finance costs from each segment)
	a) Electric Consumer Durables	155.78	216.32	122.25	739.22
	b) Lighting Products	17.73	52.88	7.48	131.73
	Total	173.51	269.20	129.73	870.95
	Less: (i)Finance costs	10.07	10.44	10.78	42.91
	(ii)Other un-allocable expenditure net of
	un-allocated income	36.44	27.78	17.94	104.41
	Profit from ordinary activities before tax	127.00	230.98	101.01	723.63
	3 Segment Assets
	a) Electric Consumer Durables	941.58	912.83	571.46	912.83
	b) Lighting Products	397.08	439.56	453.06	439.56
	c) Unallocable	1,926.91	2,264.91	1,846.18	2,264.91
	Total Segment Assets	3,265.57	3,617.30	2,870.70	3,617.30
	4 Segment Liabilities
	a) Electric Consumer Durables	562.38	689.63	481.89	689.63
	b) Lighting Products	291.18	414.21	312.70	414.21
	c) Unallocable	371.41	582.03	529.68	582.03
	Total SeQment Liabilities	1,224.97	1,685.87	1,324.27	1,685.87

SH A NTA N U ��i;trs1g11ed bySHANTANU MAHARAJ MAHARAJ KHOSLA Dale 202107231301 oa 105'30'

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Crompton Greaves Consumer Electricals Limited Registered & Corporate Office: Tower 3, 1'' Floor, East Wing, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400 070.lndia T: +91 22 6167 8499 F: +91 22 6167 8383 W: www.crompton.co.in CIN: L31900MH2015PLC262254

Notes on Consolidated financial results:

• 1. The above Consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors on 23rd July, 2021. Review under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the statutory auditors. Auditor's report does not contain any observation which would have an impact on the above results.
• 1. The above results comprise the results of Crompton Greaves Consumer Electricals Limited (Parent Company) and 2 subsidiary companies.
• 1. During the quarter, the Parent Company has repaid on the due date Secured Non-Convertible Debentures amounting to Rs. 180 crore along with interest thereon.
• 1. The listed secured Non-Convertible Debentures of the Parent Company aggregating to Rs. 300 crore as on 30th June, 2021 are secured by charge on Parent Company's certain properties and charge on 'Crompton' Brand and Registered Trade Marks. The asset cover as on 30th June, 2021 exceeds hundred percent of the principal amount.
• 1. COVID-19 has caused disruptions to businesses across India. The management has considered subsequent events, internal and external information in finalising various financial estimates as at the date of approval of these financial results and have not identified any material impact on the carrying value of assets, liabilities or provisions. The management will continue to closely monitor any changes to future economic conditions and assess its impact on the operations.
• 1. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period when the Code becomes effective.
• 1. During the quarter, the Parent Company allotted 1,23,277 Equity shares of the face value Rs. 2 each upon exercise of the vested options under Employee Stock Option Scheme.
• 1. The figures for the quarter ended 31st March, 2021 are the balancing figures between the audited figures in respect of the full previous financial year and the unaudited published year-to-date figures up to the third quarter of the relevant financial year, which were subjected to limited review.

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Crompton Greaves Consumer Electricals Limited Registered & Corporate Office: Tower 3, 1 st Floor, East Wing, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400 070.lndia T: +91 22 6167 8499 F: +91 22 6167 8383 W: www.cromplon.co.in GIN: L31900MH2015PLC262254

1. Figures of the previous year/ periods have been regrouped, wherever necessary.

For Crompton Greaves Consumer Electricals Limited

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Shantanu Khosla Managing Director DIN :00059877

Place: Mumbai Date: 23rd July, 2021

Crompton Greaves Consumer Electricals Limited

Consolidated Results for Quarter Ended June 2021

Business continues to recover delivering a revenue growth of 46% at Rs 1050 crores. Focus on employees' well-being; 89% have received at least one dose of vaccine.

Mumbai, July 23, 2021: The Board of Directors, at its meeting held on July 23, 2021 approved the results of the Company for the quarter ended June 30, 2021. Revenue for the quarter at Rs. 1,050 crores registered a growth of 46%. Investments were stepped up in advertising, "Go To Market" initiatives, new business development and capability building. EBIDTA at Rs. 126 crores grew 25% YoY and PAT at Rs. 95 crores grew 27% YoY.

The growth momentum of Q4 FY 21 continued till early April when the second wave impacted the business. Business recovery began from early June with easing of restrictions. Fans growth was driven by strong performance in Premium & Decorative Segment. Market share increased in Fans. Pumps growth was driven by residential pumps. Appliances business continued to deliver strong growth based on excellent consumer offerings of core categories viz. Coolers, Geysers and Mixer Grinders. Lighting business continued to deliver double digit EBIT margins.

Commenting on the Quarter results, Company's Managing Director, Shantanu Khosla said "Health & safety of our employees is of utmost importance to us. Currently we have 2 active cases amongst our employees and through intensive vaccination drives 89% have received at least one dose. ECD segment delivered strong growth across categories and geographies. B2C LED lighting business maintained its upward growth trajectory. While commodity cost pressures remained, timely actions have mitigated their impact."

About Crompton:

Crompton is India's market leader in fans, No. 1 player in residential pumps and has leading market positions in its other product categories. The Company manufactures and markets a wide spectrum of consumer products, ranging from fans, lamps and luminaries to pumps and household appliances such as water heaters, coolers, mixer grinders and irons. The Company has strong dealer base across the country and wide service network offering robust after sales service to its customers.