Q2FY24 Quarterly Result Announced for Butterfly Gandhimathi Appliances Ltd.
Household Appliances company Butterfly Gandhimathi Appliances announced Q2FY24 results: 1. Financial Highlights: - Revenue at Rs 308 crore, a decrease of 16% YoY. - Material Margin at 37.0%, a YoY increase of 170 bps. - EBITDA at Rs 25 crore, with an EBITDA Margin of 8.2%. - PAT at Rs 15 crore, with a PAT Margin of 4.7%. 2. Operational Highlights: - Investments in capability building, brand strengthening, operations optimization, and R&D.; - Retail and Modern Trade channel growth during industry slowdown. - Shift in festive season impacting sales phasing. - Focus on improving distribution reach and customer engagement. - Recognition of the 'Butterfly' brand as an Iconic Brand of India. 3. Update on the Merger Process: - Scheme for merger with Crompton Greaves Consumer Electricals Ltd. is underway. - NOC received from BSE and NSE. - The NCLT approval process is in progress with a shareholders' meeting scheduled. - Favorable voting recommendation by proxy advisory firms. Commenting on the performance, Rangarajan Sriram, Managing Director, of Butterfly Gandhimathi Appliances said, “We continue to focus on balancing and growing our core channels. The sales phasing of online channels has been reorganised across platforms & categories. Despite an industry-wide slowdown, our retail channel continued to grow, and we registered growth in the Kerala region, boosted by Onam festivities. EBITDA Margin stood at 8.2% for the quarter, post investments in marketing and people. With the shift in the festive season this year, we anticipate an uptick in demand in Q3. Premium segments continue to grow across categories as we invest in brand awareness and introducing new products across markets & channels to drive higher sales.” Result PDF19-10-2023
