Latest News | Butterfly Gandhimathi Appliances to Continue Focus on Strengthening Retail Presence
Get latest articles and stories on Latest News at LatestLY. Domestic kitchen appliances player Butterfly Gandhimathi Appliances Ltd has reported a net loss at Rs 2.16 crore, for the October-December 2023 period, the company said.
Chennai, Feb 7 (PTI) Domestic kitchen appliances player Butterfly Gandhimathi Appliances Ltd has reported a net loss at Rs 2.16 crore, for the October-December 2023 period, the company said.
The city-based firm had registered a net profit of Rs 11.74 crore during the corresponding quarter of last year.
"During the quarter, revenue from core categories grew along with market share gains vs the same period last year. Growth in core categories was driven by new product launches, with meaningful contribution from premium segments," said company Managing Director Rangarajan Sriram in a statement on Wednesday.
The net profit for the nine-month period ending December 31, 2023 stood at Rs 27.15 crore, as compared to Rs 50.10 crore registered in the same period of last year.
The total income during the quarter under review slipped to Rs 239.32 crore from Rs 250.42 crore, registered during the same period of last year. For the nine-month period ending December 31, 2023, the total income stood at Rs 768.67 crore, as against Rs 875.53 crore recorded last fiscal.
"We continued our focus on channel development resulting in retail and regional chain stores growing for the third consecutive quarter, with sustainable growth in e-commerce sellouts." he said.
"We continue to focus on strengthening our retail, regional chain stores and modern trade presence and gaining share in E-commerce," Sriram added.
The company said despite high competitive intensity, core categories -- mixer grinders, gas stove and pressure cookers delivered robust revenue growth of 12 per cent year-on-year.
Growth was also led by stainless steel gas stoves accounting 47 per cent year-on-year, owing to new product launches and portfolio width spanning across price points to fulfil consumer needs.
The pressure cooker segment witnessed over three times more growth in the online segment, the statement said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)