External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<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

Asia Consumer Sector Research, Investory

Devi Subhakesan

Asia Consumer Sector Research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics</a>’s India business IPO could be valued above USD 7 billion, exceeding market expectations, driven by its dominant position in India's growing home appliances market and strong sector valuations.</li>
<li>Favourable market conditions and robust sector growth make now an ideal time for <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> to launch its India IPO, securing high investor interest and compelling valuations.</li>
<li>In a recent interview, <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics(066570 KS)</a>  CEO William Cho mentioned that an Indian market debut is one of several options being considered to revitalise the company’s consumer electronics business.</li>
</ul>



LG Electronics’s India business IPO could be valued above USD 7 billion, exceeding market expectations, driven by its dominant position in India's growing home appliances market and strong sector valuations.
Favourable market conditions and robust sector growth make now an ideal time for LG Electronics (066570 KS) to launch its India IPO, securing high investor interest and compelling valuations.
In a recent interview, LG Electronics(066570 KS)  CEO William Cho mentioned that an Indian market debut is one of several options being considered to revitalise the company’s consumer electronics business.


LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

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

<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

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)

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

LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

LG's India business IPO could unlock significant value, estimated between USD 6.7 to 9 billion given it's dominant presence in India's booming home...

Devi Subhakesan

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

LG's India business IPO could unlock significant value, estimated between USD 6.7 to 9 billion given it's dominant presence in India's booming home...

Devi Subhakesan

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

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