HDFC Mutual Fund has acquired 13.71 million shares or a 2.14% stake in Crompton Greaves Consumer Electricals Ltd, through the open market on Friday, according to an exchange filing on Monday (February 26).
Post-acquisition, HDFC Mutual Fund's stake in Crompton Greaves has increased to 7.11% from 4.97%. Shares of Crompton Greaves Consumer Electricals Ltd ended at ₹288.05, down by ₹5.20, or 1.77% on the BSE.
Crompton Greaves Consumer Electricals reported a 3.1% decline in its consolidated net profit to ₹85.45 crore for the third quarter ended December 2023. The company had posted a net profit of ₹88.19 crore in the October-December quarter a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing.
However, its revenue from operations rose 11.63% to ₹1,692.69 crore in the quarter under review. It was ₹1,516.21 crore in the year-ago period. CGCEL's total expenses increased 12.22% to ₹1,596.90 crore in the December 2023 quarter. The total consolidated income surged 11.17% to ₹1,709.36 crore.
In the December 2023 quarter, CGCEL's revenue from the electric consumer durables segment jumped 18.54% to ₹1,209.27 crore. However, revenue from lighting products was flat at ₹249.36 crore. Revenue from its subsidiary Butterfly, which it had acquired earlier last year, was ₹234.06 crore.
