The shares of the stainless steel manufacturer fell up to 7 percent after the company’s net profit and revenue decreased by 118 percent and 4 percent YoY, respectively in the third quarter.
With a market capitalization of Rs 1,618.46 crore, the shares of Butterfly Gandhimathi Appliances Ltd were trading at Rs 905.20 per share, decreasing around 3.42 percent as compared to the previous closing price of Rs 937.30 apiece.
Looking into the company’s Performance, Butterfly Gandhimathi Appliances Ltd’s revenue decreased by 22 percent on a quarter-on-quarter basis from Rs.307.97 crores in Q2FY24 to Rs. 237.95 crores in Q3 FY24. Further, revenue decreased by 4 percent year on year from Rs. 248.44 crore in Q3FY23 to Rs. 237.95 crore in Q3FY24.
Butterfly Gandhimathi Appliances Ltd’s net profit decreased by 114 percent on a quarter-on-quarter basis from a profit of Rs. 14.59 crore in Q2FY24 to a loss of Rs. 2.16 crore in Q3FY24. Further, net profit decreased by 118 percent yearly from a profit of Rs 11.74 crore in Q3FY23 to a loss of Rs. 2.16 crore in Q3FY24.
As of March 2023, the company has a market share of approx. 5% (Pan India) and approx. 15% in South India. BGAL has quarterly business plans with a focus on strengthening Retail, Chain store, and Modern trade and maintaining online channel mix at an industry average of 20-25%.
The Small Kitchen Appliances segment’s revenue is expected to reach USD 14.82 billion by 2023. The market is estimated to increase at a CAGR of 5.27% from 2023-2028.
The company’s revenue in India inclined by 9% from Rs 946.33 crore in FY2021-22 to Rs 1,039.63 crore in FY2022-23, while sales from outside India climbed by 25% from Rs 13.52 crore in FY2021-22 to Rs 16.91 crore in FY2022-23.
Butterfly Gandhimathi Appliances makes LPG stoves, mixer grinders, tabletop wet grinders in stainless steel, and aluminum pressure cookers, among other products. It is the global leader in SS LPG stoves and tabletop wet grinders, as well as a key supplier of mixer grinders and pressure cookers.
Written by:- Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
