Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>This Insight is focued on <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> ; <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> ; <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a>. </li>
<li>As per ARs, the Indian durables industry is poised for significant growth due to increasing consumer demand, premiumization trends, and government support.</li>
<li>SYML and WHIRL are the ones that warrant attention. Challenges faced by TTKPT are likely to continue.</li>
</ul>


This Insight is focued on Whirlpool of India (WHIRL IN) ; Crompton Greaves Consumer Electricals (CROMPTON IN) ; TTK Prestige (TTKPT IN) &amp; Symphony Ltd (SYML IN). 
As per ARs, the Indian durables industry is poised for significant growth due to increasing consumer demand, premiumization trends, and government support.
SYML and WHIRL are the ones that warrant attention. Challenges faced by TTKPT are likely to continue.


Narrative and Numbers | Household Durables | FY24

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Crompton’s core portfolio (standalone), in line with its Crompton 2.0 strategy, continued to report strong performance as revenue/EBITDA/PAT grew by 12/15/22% YoY</li><li>However, the realignment of channel mix, business policies and brand investments led to a soft performance of Butterfly (revenue down 12%: EBIT margin at -15.9%) which pulled down overall profitability</li><li>ECD margins at 16.4% (17.2% ex of EPR cost) surprised positively while lighting growth remained in the black for the second consecutive quarter</li></ul>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’s core portfolio (standalone), in line with its Crompton 2.0 strategy, continued to report strong performance as revenue/EBITDA/PAT grew by 12/15/22% YoYHowever, the realignment of channel mix, business policies and brand investments led to a soft performance of Butterfly (revenue down 12%: EBIT margin at -15.9%) which pulled down overall profitabilityECD margins at 16.4% (17.2% ex of EPR cost) surprised positively while lighting growth remained in the black for the second consecutive quarterContent 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 Consumer (Q4FY24): Strong Core Portfolio Performance. Maintain BUY

<ul><li>We met the management of Crompton which reiterated its commitment to an absolute profit-led growth mindset</li><li>The summer season has started on a positive note and Crompton has taken a 4-5% price hike in fans (cumulatively over the last few months) which has helped recoup all but 150bps cost increase (BEE rating change led)</li><li>In the medium term, fans are poised for double-digit growth, led by (1) an increasing premium mix (25% vs industry average of 40%) (2) a shift from unorganized to organized (BEE rating change every two years) and (3) focus on scaling up the non-ceiling portfolio (TPW)</li></ul>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.

We met the management of Crompton which reiterated its commitment to an absolute profit-led growth mindsetThe summer season has started on a positive note and Crompton has taken a 4-5% price hike in fans (cumulatively over the last few months) which has helped recoup all but 150bps cost increase (BEE rating change led)In the medium term, fans are poised for double-digit growth, led by (1) an increasing premium mix (25% vs industry average of 40%) (2) a shift from unorganized to organized (BEE rating change every two years) and (3) focus on scaling up the non-ceiling portfolio (TPW)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 Consumer: BGAL to Be a Near-Term Drag. Maintain BUY

<ul><li>Crompton’s 3Q print was a mixed bag as encouraging core portfolio performance (standalone) of 15/13/13% revenue/EBITDA/PAT growth was marred by the soft performance of Butterfly (revenue down 6%, EBIT margin at -0.8%)</li><li>ECD segment continued to outperform peers (9M: Crompton +13% vs +1/+9/+9% of Havells/Orient/V-Guard) while the trend of declining lighting revenue was arrested</li><li>Butterfly (BGAL) remains a WIP as its channel correction initiatives will continue for another two quarters</li></ul>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’s 3Q print was a mixed bag as encouraging core portfolio performance (standalone) of 15/13/13% revenue/EBITDA/PAT growth was marred by the soft performance of Butterfly (revenue down 6%, EBIT margin at -0.8%)ECD segment continued to outperform peers (9M: Crompton +13% vs +1/+9/+9% of Havells/Orient/V-Guard) while the trend of declining lighting revenue was arrestedButterfly (BGAL) remains a WIP as its channel correction initiatives will continue for another two quartersContent 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 Consumer (Q3FY24): Crompton 2.0 Showcases Initial Promise. Maintain BUY

Utkarsh Small Finance Bank / Equity Bottom-Up

<ul>
<li>With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.</li>
<li>For this Postcard, we travel to the east to the city of Ranchi, located in the heart of Jharkhand. </li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/utkarsh-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:39909:1" rel="noopener">Utkarsh Small Finance Bank (1639303D IN)</a>, <a href="https://www.smartkarma.com/entities/aditya-vision-ltd" target="_blank" data-smartkarma-citation="entities:40299:1" rel="noopener">Aditya Vision (AVL IN)</a>, <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a>. </li>
</ul>


With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
For this Postcard, we travel to the east to the city of Ranchi, located in the heart of Jharkhand. 
Stocks in focus include Utkarsh Small Finance Bank (1639303D IN), Aditya Vision (AVL IN), Mahindra &amp; Mahindra (MM IN), Vedant Fashions (MANYAVAR IN). 


Postcard from Ranchi | The Wild Wild East

India

Crompton Greaves Consumer Electricals Limited is an Indian electrical equipment company that manufactures and markets consumer electrical products. The company's product portfolio includes fans, lighting (LED and non-LED), pumps, and various household appliances like water heaters, air coolers, and kitchen appliances. Crompton is based in Mumbai, India, and was established as Crompton Parkinson Works Limited in 1937, though the current entity, Crompton Greaves Consumer Electricals Limited, was established in 2016 following a demerger.

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Crompton (CROMPTON IN)

Narrative and Numbers | Household Durables | FY24

Indian durables industry set for growth. Symphony Ltd and Whirlpool of India are the ones to watch, while TTK Prestige faces ongoing challenges.

Pranav Bhavsar

Crompton Consumer (Q4FY24): Strong Core Portfolio Performance. Maintain BUY

Crompton’s core portfolio (standalone), in line with its Crompton 2.0 strategy, continued to report strong performance as revenue/EBITDA/PAT grew...

HDFC Securities

Crompton Consumer: BGAL to Be a Near-Term Drag. Maintain BUY

We met the management of Crompton which reiterated its commitment to an absolute profit-led growth mindset. The summer season has started on a...

HDFC Securities

Crompton Consumer (Q3FY24): Crompton 2.0 Showcases Initial Promise. Maintain BUY

ECD segment continued to outperform peers (9M: Crompton +13% vs +1/+9/+9% of Havells/Orient/V-Guard) while the trend of declining lighting revenue...

HDFC Securities

Postcard from Ranchi | The Wild Wild East

This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...

Pranav Bhavsar

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Narrative and Numbers | Household Durables | FY24

​Indian durables industry set for growth. Symphony Ltd and Whirlpool of India are the ones to watch, while TTK Prestige faces ongoing challenges.

Pranav Bhavsar

Crompton Consumer (Q4FY24): Strong Core Portfolio Performance. Maintain BUY

Crompton’s core portfolio (standalone), in line with its Crompton 2.0 strategy, continued to report strong performance as revenue/EBITDA/PAT grew...

HDFC Securities

Crompton Consumer: BGAL to Be a Near-Term Drag. Maintain BUY

We met the management of Crompton which reiterated its commitment to an absolute profit-led growth mindset. The summer season has started on a...

HDFC Securities

Crompton Consumer (Q3FY24): Crompton 2.0 Showcases Initial Promise. Maintain BUY

ECD segment continued to outperform peers (9M: Crompton +13% vs +1/+9/+9% of Havells/Orient/V-Guard) while the trend of declining lighting revenue...

HDFC Securities

Postcard from Ranchi | The Wild Wild East

​This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...

Pranav Bhavsar

Indian durables industry set for growth. Symphony Ltd and Whirlpool of India are the ones to watch, while TTK Prestige faces ongoing challenges.

This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...