Declared Dividend • May 15
Dividend of ₹3.00 announced Dividend of ₹3.00 is the same as last year. Ex-date: 24th July 2026 Payment date: 6th September 2026 Dividend yield will be 1.0%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 266% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 14
Crompton Greaves Consumer Electricals Limited announces Annual dividend, payable on September 06, 2026 Crompton Greaves Consumer Electricals Limited announced Annual dividend of INR 3.0000 per share payable on September 06, 2026, ex-date on July 24, 2026 and record date on July 24, 2026. Reported Earnings • May 14
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: ₹3.76 loss per share (down from ₹8.64 profit in FY 2025). Revenue: ₹81.6b (up 3.8% from FY 2025). Net loss: ₹2.42b (down 144% from profit in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • May 14
Crompton Greaves Consumer Electricals Limited, Annual General Meeting, Aug 07, 2026 Crompton Greaves Consumer Electricals Limited, Annual General Meeting, Aug 07, 2026, at 15:30 Indian Standard Time. Announcement • Apr 29
Crompton Greaves Consumer Electricals Limited to Report Q4, 2026 Results on May 13, 2026 Crompton Greaves Consumer Electricals Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 13, 2026 Reported Earnings • Feb 07
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹1.53 (down from ₹1.71 in 3Q 2025). Revenue: ₹19.1b (up 8.0% from 3Q 2025). Net income: ₹983.1m (down 11% from 3Q 2025). Profit margin: 5.1% (down from 6.2% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jan 07
Crompton Greaves Consumer Electricals Limited to Report Q3, 2026 Results on Feb 06, 2026 Crompton Greaves Consumer Electricals Limited announced that they will report Q3, 2026 results on Feb 06, 2026 Price Target Changed • Nov 12
Price target decreased by 7.2% to ₹372 Down from ₹401, the current price target is an average from 32 analysts. New target price is 32% above last closing price of ₹281. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₹8.02 for next year compared to ₹8.64 last year. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: ₹1.11 (vs ₹1.94 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.11 (down from ₹1.94 in 2Q 2025). Revenue: ₹19.3b (up 1.7% from 2Q 2025). Net income: ₹711.7m (down 43% from 2Q 2025). Profit margin: 3.7% (down from 6.6% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Oct 06
Crompton Greaves Consumer Electricals Limited to Report Q2, 2026 Results on Nov 06, 2025 Crompton Greaves Consumer Electricals Limited announced that they will report Q2, 2026 results on Nov 06, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹1.90 (down from ₹2.36 in 1Q 2025). Revenue: ₹20.2b (down 5.4% from 1Q 2025). Net income: ₹1.22b (down 19% from 1Q 2025). Profit margin: 6.0% (down from 7.1% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jul 17
Crompton Greaves Consumer Electricals Limited to Report Q1, 2026 Results on Aug 07, 2025 Crompton Greaves Consumer Electricals Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Upcoming Dividend • Jul 17
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 07 September 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.4%). New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 2.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.4% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jun 20
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ₹8.64 (up from ₹6.88 in FY 2024). Revenue: ₹78.6b (up 7.5% from FY 2024). Net income: ₹5.56b (up 26% from FY 2024). Profit margin: 7.1% (up from 6.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • May 16
Crompton Greaves Consumer Electricals Limited announces Annual dividend, payable on September 07, 2025 Crompton Greaves Consumer Electricals Limited announced Annual dividend of INR 3.0000 per share payable on September 07, 2025, ex-date on July 24, 2025 and record date on July 24, 2025. Reported Earnings • May 16
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ₹8.64 (up from ₹6.88 in FY 2024). Revenue: ₹79.3b (up 8.5% from FY 2024). Net income: ₹5.56b (up 26% from FY 2024). Profit margin: 7.0% (up from 6.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • May 15
Crompton Greaves Consumer Electricals Limited, Annual General Meeting, Aug 08, 2025 Crompton Greaves Consumer Electricals Limited, Annual General Meeting, Aug 08, 2025, at 11:00 Indian Standard Time. Announcement • May 01
Crompton Greaves Consumer Electricals Limited to Report Q4, 2025 Results on May 15, 2025 Crompton Greaves Consumer Electricals Limited announced that they will report Q4, 2025 results on May 15, 2025 Announcement • Mar 05
Crompton Greaves Consumer Electricals Limited Announces Launch of LED Battens INFINIA 24W Crompton Greaves Consumer Electricals Limited announced details with respect to the product launch, as required under Regulation 30 of the SEBI LODR read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are disclosed as under: Name of the product: LED Battens INFINIA 24W. Date of launch: March 4, 2025, Category of the product: B2C Lighting . Whether caters to domestic/international market: Domestic. Kindly note that the above product launch has not triggered the threshold of materiality but disclosed as a measure of adoption of good corporate governance practices. Announcement • Feb 25
Crompton Greaves Consumer Electricals Limited Approves the Appointment of Tanmay Prusty as Chief Marketing Officer, Effective February 24, 2025 Crompton Greaves Consumer Electricals Limited announced that on basis of recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company have on February 23, 2025, approved the appointment of Mr. Tanmay Prusty as Chief Marketing Officer designated as Senior Management Personnel of the Company with effect from February 24, 2025. Mr. Tanmay has completed BE - Electronics Engineering from NIT - Jamshedpur in 2003 and PGDM/MBA - Marketing/Finance from XLRI Jamshedpur in 2005. He is a seasoned and dynamic marketing leader with a wealth of experience across high-profile roles in some of the most renowned companies in India, including Tata Consumer Products, Amazon, Reckitt Benckiser, and ITC. He has had the privilege of working across iconic brands like Tata Tea, Dettol, Fiama Di Wills and multiple categories like Foods, Personal Care and Consumer Electronics. In his previous role as Business Unit Head at Capital Foods, part of Tata Consumer Products, he was responsible for leading the integration of Tata Consumer's recent acquisition, with a business size of 8,000 millionacross multiple brands like Ching's Secret and Smith and Jones. Tanmay has been instrumental in shaping the organizational structure and driving the integration of the new business which speaks to his ability to lead complex business operations and stakeholder management. Reported Earnings • Feb 14
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ₹1.71 (up from ₹1.35 in 3Q 2024). Revenue: ₹17.7b (up 4.5% from 3Q 2024). Net income: ₹1.10b (up 28% from 3Q 2024). Profit margin: 6.2% (up from 5.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 2.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Feb 03
Crompton Greaves Consumer Electricals Limited to Report Q3, 2025 Results on Feb 12, 2025 Crompton Greaves Consumer Electricals Limited announced that they will report Q3, 2025 results on Feb 12, 2025 Announcement • Jan 21
Crompton Greaves Consumer Electricals Limited Appoints Aarushi Agarwal as Senior Management Personnel Crompton Greaves Consumer Electricals Limited appointed Aarushi Agarwal as Head- Large Kitchen Appliances & New Businesses designated as Senior Management Personnel, effective from January 20, 2025. Ms. Aarushi Agarwal is a seasoned marketing and business leader with over 20 years of experience across industries like consumer durables, luxury, FMCG, and technology. She is a graduate from Delhi University, master's graduate in International Business & Marketing from Delhi School of Economics and has completed executive programs at ISB Hyderabad and Babson College, Boston. She has held leadership roles at Usha International, Nissan Corporation, Philips, and Timex, earning accolades like the Philips Global CEO Award and the Nissan Women Achiever Award. Her expertise lies in transforming brands, driving growth, and fostering high-performance teams. Announcement • Jan 13
Crompton Greaves Consumer Electricals Limited Approves Appointment of Shashi Kumar as Quality Head Designated as Senior Management Personnel Board of Directors of Crompton Greaves Consumer Electricals Limited approved the appointment of Mr. Shashi Kumar as the Quality Head designated as Senior Management Personnel of the Company with effect from January 11, 2025. Mr. Shashi Kumar is a Mechanical Engineer and has done MSc in Engineering Business management from Warvick University, UK. He is accomplished professional with around 35 years of rich experience in Plant Operations handling multiple plants, Quality function, procurement, Planning, process engineering and Project management. In his last stint he was associated as Vice President Quality with Royal Enfield Chennai. His previous stints were with organizations like Royal Enfield, IFB Automotive, Harita Seating Systems Limited, TVS Motors, Hero Honda Motors and Kinetic Honda. Announcement • Dec 26
Crompton Greaves Consumer Electricals Limited Announces the Launch of Highspeed Festo (Launchs in 48" and 36" Sweep Size) Crompton Greaves Consumer Electricals Limited announced the launch of Highspeed Festo (Launched in 48" and 36" Sweep Size) on December 23, 2024. Category of the product: Highspeed Induction. Announcement • Nov 27
Crompton Greaves Consumer Electricals Limited Announces the Launch of LED TabLight Crompton Greaves Consumer Electricals Limited announced the launch of LED TabLight on November 23, 2024. Category of the product: B2C Lighting. Reported Earnings • Nov 18
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: ₹1.94 (up from ₹1.52 in 2Q 2024). Revenue: ₹19.0b (up 6.4% from 2Q 2024). Net income: ₹1.25b (up 28% from 2Q 2024). Profit margin: 6.6% (up from 5.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Oct 31
Crompton Greaves Consumer Electricals Limited to Report Q2, 2025 Results on Nov 14, 2024 Crompton Greaves Consumer Electricals Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Announcement • Oct 21
Crompton Greaves Consumer Electricals Limited Announces Launch of LED Star Premion Crompton Greaves Consumer Electricals Limited announced launch of LED Star Premion. Date of launch is October 19, 2024. Category of the product is B2C Lighting. Whether caters to domestic/international market: Domestic. Announcement • Oct 17
Crompton Greaves Consumer Electricals Limited Unveils Win Plus: The Reliable Solution for Your Home Water Pumping Needs Crompton Greaves Consumer Electricals Limited has launched its new range of residential pumps: ‘WIN Plus’. Engineered with precision and innovation, WIN Plus is designed to cater to the specific needs of homeowners, particularly in rural areas and smaller towns. These pumps offer a reliable and efficient solution for two-story homes, delivering superior performance and convenience. As consumers become more discerning in their purchasing choices, the demand for efficient, durable and affordable pumps continues to grow. Homeowners, especially those in rural areas and smaller towns, seek reliable, low-maintenance products that can withstand the challenges for daily use. Features such as rust protection, anti-jam mechanisms and wide voltage adaptability are now essential to meet the diverse needs of modern households. The Crompton WIN Plus Pumps, with their enhanced performance and versatility, therefore offer a superior solution for various applications, including water supply for homes, booster applications, garages, garden and water feeding in various applications. Crompton WIN Plus boasts a range of advanced features designed to deliver superior performance and durability. Some of the key features include: Double Coating System: WIN Plus pump has a protective coating to prevent rust and extend its lifespan. Anti-Jam Winding: The motor of this pump is designed to prevent jamming and ensure reliable operation. - Anti-Drip Adapter: The product has a feature to prevent water entry into motor, hence prevents the motor from burning. Wide Voltage Design: The pump can operate on a range of voltages, making it versatile. Thermal Overload Protector: The pump has a safety feature to prevent overheating. `F' Class Insulation: The insulation material can resist high temperatures. High-Quality Mechanical Seal: The pump has a durable seal to prevent leaks. High-Grade Electrical Stamping: The electrical components are made with high-quality materials to reduce energy loss. Forged Brass Impeller: The pump has a strong and durable impeller for efficient operation. Designed for domestic and light commercial use, the WIN Plus is a reliable water pump ideal for homes and small businesses up to two stories. With a powerful 1 HP motor with 24-meter Head, it delivers efficient water supply while offering exceptional value. Featuring a durable double-coated design and high-quality components, WIN Plus provides long-lasting performance and significant cost savings. Its robust construction ensures reliable operations, making it a practical and economical choice for various applications. Announcement • Oct 08
V Guard Industries Limited Files Trademark Infringement and Passing Off Suit Against Crompton Greaves Consumer Electricals Limited V Guard Industries Limited has filed a trademark infringement and passing off suit against Crompton Greaves Consumer Electricals Limited for using the mark "PEBBLE" on electric irons. V-Guard has been using the mark "PEBBLE" for water heaters since 2013. The Single Bench of Delhi High Court passed an interim order on 12th May 2022, restraining CGCEL from using the mark "PEBBLE" until the final disposal of the suit. CGCEL appealed to the Division Bench, which acknowledged that electric irons and water heaters belong to different trade channels but upheld V-Guard's claim, recognizing "PEBBLE" as a trademark of reputation. Consequently, the appeal was dismissed. Subsequently, CGCEL filed a Special Leave Petition before the Hon'ble Supreme Court, arguing that V-Guard's annual sales of INR 314.9 Million for water heaters under the brand PEBBLE in a country with a population exceeding 140 Crore do not justify the reputation that would prevent others from using "PEBBLE" for unrelated products. The same was dismissed by the Hon'ble Supreme Court. Name of the authority; Supreme Court of India. Nature and details of the action(s) taken initiated, or order(s) passed; Dismissed the Special Leave Petition, filed against the Order of the Ld. Division Bench of the High Court at New Delhi. Date of receipt of direction or order, including any ad interim or interim orders, or any other communication from the authority: September 30, 2024 (Order received on October 07, 2024) It is worthwhile mentioning here that the Company has already stopped manufacturing and selling products under the mark "PEBBLE" There is no material impact on financials, operations, or other activities of the Company. Announcement • Sep 25
Crompton Greaves Consumer Electricals Limited Announces Launch of Highspeed Santos Crompton Greaves Consumer Electricals Limited announced launch of Highspeed Santos (Launched in 48" and 36" Sweep Size). Date of launch: September 25, 2024. Category of product: Highspeed Induction. Whether caters to domestic/international market: Domestic. Announcement • Sep 09
Crompton Greaves Consumer Electricals Limited Announces Launch of Avancer Swirl Crompton Greaves Consumer Electricals Limited announced launch of Avancer Swirl (Launched in 48" Sweep Size). Date of launch: September 6, 2024. Category of product: Premium Induction. Whether caters to domestic/international market: Domestic. Reported Earnings • Aug 02
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ₹2.36 (up from ₹1.86 in 1Q 2024). Revenue: ₹21.4b (up 14% from 1Q 2024). Net income: ₹1.52b (up 28% from 1Q 2024). Profit margin: 7.1% (up from 6.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jul 26
Crompton Greaves Consumer Electricals Limited Approves Dividend for the Financial Year Ended March 31, 2024 Crompton Greaves Consumer Electricals Limited announced that at its AGM held on July 26, 2024, the shareholders approved dividend of INR 3 per equity shares of the face value of INR 2 each for the financial year ended March 31, 2024. Announcement • Jul 11
Crompton Greaves Consumer Electricals Limited Announces Product Launch Crompton Greaves Consumer Electricals Limited announced that with reference to the captioned subject and pursuant to Regulation 30 read with Para B of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (SEBI LODR) details with respect to the product launch, as required under Regulation 30 of the SEBI LODR read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are disclosed as under: Name of the product(s) Energion HS Duro. Date of launch: July 11, 2024. Category of the product: Ceiling Fan. Whether caters to domestic/international market: domestic. Kindly note that the above product launch has not triggered the threshold of materiality but disclosed as a measure of adoption of good corporate governance practices. Upcoming Dividend • Jul 04
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 25 August 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.4%). Announcement • Jun 25
Crompton Greaves Consumer Electricals Limited to Report Q1, 2025 Results on Jul 31, 2024 Crompton Greaves Consumer Electricals Limited announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • Jun 18
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ₹6.88 (down from ₹7.30 in FY 2023). Revenue: ₹73.1b (up 6.5% from FY 2023). Net income: ₹4.40b (down 5.0% from FY 2023). Profit margin: 6.0% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jun 13
Crompton Greaves Consumer Electricals Limited Announces Product Launch Crompton Greaves Consumer Electricals Limited announced the Product Launch. Name of the Product: GrandArt Hob; Date of launch: June 11, 2024; Category of the Product: Built-In Hob; Whether caters to domestic/international market: Domestic. Product launch has not triggered the threshold of materiality but disclosed as a measure of adoption of good corporate governance practices. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹394, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 46x in the Consumer Durables industry in India. Negligible returns to shareholders over past three years. Price Target Changed • May 18
Price target increased by 11% to ₹363 Up from ₹327, the current price target is an average from 31 analysts. New target price is 7.3% below last closing price of ₹392. Stock is up 54% over the past year. The company is forecast to post earnings per share of ₹9.05 for next year compared to ₹6.88 last year. Declared Dividend • May 18
Dividend of ₹3.00 announced Shareholders will receive a dividend of ₹3.00. Ex-date: 10th July 2024 Payment date: 25th August 2024 Dividend yield will be 0.8%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 10% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 69% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 18
Crompton Greaves Consumer Electricals Limited, Annual General Meeting, Jul 26, 2024 Crompton Greaves Consumer Electricals Limited, Annual General Meeting, Jul 26, 2024, at 11:00 Indian Standard Time. Reported Earnings • May 17
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ₹6.88 (down from ₹7.30 in FY 2023). Revenue: ₹73.8b (up 7.4% from FY 2023). Net income: ₹4.40b (down 5.0% from FY 2023). Profit margin: 6.0% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Apr 26
Crompton Greaves Consumer Electricals Limited to Report Fiscal Year 2024 Results on May 16, 2024 Crompton Greaves Consumer Electricals Limited announced that they will report fiscal year 2024 results on May 16, 2024 Announcement • Apr 04
Crompton Greaves Consumer Electricals Limited Launches HIGHSPEED HS PLUS - 3 STAR (Launched in 1200 MM sweep size) Crompton Greaves Consumer Electricals Limited announced the product launch. Name of the product; HIGHSPEED HS PLUS - 3 STAR (Launched in 1200 MM sweep size); Date of launch: April 03, 2024; Category of the product: Standard Induction - Ceiling Fan; Whether caters to domestic/international market: Domestic. Reported Earnings • Feb 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹1.35 (down from ₹1.39 in 3Q 2023). Revenue: ₹17.1b (up 13% from 3Q 2023). Net income: ₹859.9m (down 2.5% from 3Q 2023). Profit margin: 5.0% (down from 5.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 11% per year. Announcement • Jan 10
Crompton Greaves Consumer Electricals Limited to Report Q3, 2024 Results on Feb 14, 2024 Crompton Greaves Consumer Electricals Limited announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: ₹1.52 (vs ₹2.06 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.52 (down from ₹2.06 in 2Q 2023). Revenue: ₹18.0b (up 5.7% from 2Q 2023). Net income: ₹972.2m (down 23% from 2Q 2023). Profit margin: 5.4% (down from 7.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Nov 02
Non-Institutional Investors of Butterfly Gandhimathi Defeat Merger Proposal Shareholders of Butterfly Gandhimathi Appliances Limited (BSE:517421) have rejected the company's merger proposal with Crompton Greaves Consumer Electricals Limited (NSEI:CROMPTON). In the shareholders' meeting held on October 28, about 96% of the non-institutional public shareholders voted against the resolutions, even though 63% of institutional investors favoured it."While the approval to the scheme from the majority in number representing three-fourths in value of the equity shareholders (including public shareholders) of Butterfly was obtained at the meeting, approval of a majority of the public shareholders of the Butterfly was not received in favour of the scheme at the said meeting of the shareholders," Butterfly said in an exchange filing. The special resolution required votes to be in favour of not less than three times the number of the votes cast against. Shares of Butterfly Gandhimathi Appliances fell nearly 7% to close at INR 1,088.10, while CG Consumer Electricals declined 0.5% to close at INR 281.95. In an exchange filing, CG Consumer and Butterly said the development will not significantly change their growth strategy. Announcement • Oct 17
Crompton Greaves Consumer Electricals Limited Announces Executive Changes Crompton Greaves Consumer Electricals Limited announced that the Board of Directors upon recommendation of Nomination and Remuneration Committee considered and approved the appointment of Mr. Sanjiv Kakkar as an Additional Director designated as a Non-Executive Independent Director with effect from October 17, 2023. The term of his appointment as an Independent Director will be for a period of five years, subject to the approval of shareholders . The Board of Directors upon recommendation of Nomination and Remuneration Committee considered and approved the appointment of Mr. Anil Chaudhry as an Additional Director designated as a Non-Executive Independent Director with effect from October 17, 2023. The term of his appointment as an Independent Director will be for a period of five years, subject to the approval of shareholders. The company appoints Mr. Sundaram Damodarannair, Non-Executive Independent Director as the Chairman of the Board with effect from October 21, 2023 in place of Mr. Hemant Nerurkar. Mr. Hemant Nerurkar was appointed as a Non-Executive Independent Director with effect from January 25, 2016, to January 24, 2021, for a first term of five consecutive years and as the Chairman of the Board with effect of October 25, 2016. He was re-appointed as a Non-Executive Independent Director on the Board of the Company for a second term with effect from January 25, 2021 to October 20, 2023, considering his attainment of age of seventy-five years on October 20, 2023. Mr. Hemant Nerurkar was appointed as a Non-Executive Independent Director with effect from January 25, 2016, to January 24, 2021, for a first term of five consecutive years and as the Chairman of the Board with effect of October 25, 2016. He was re-appointed as a Non-Executive Independent Director on the Board of the Company for a second term with effect from January 25, 2021 to October 20, 2023, considering his attainment of age of seventy-five years on October 20, 2023. Announcement • Oct 11
Crompton Greaves Consumer Electricals Limited Announces Intimation of Product Launch Crompton Greaves Consumer Electricals Limited announced product(s) launch, as required under Regulation 30 of the SEBI LODR read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are disclosed as under: on October 10, 2023. Name of the product(s): Acenza. Date of launch: 10.10.2023. Category of the product: Storage Water Heater. Whether caters to domestic/international market: Domestic. Announcement • Oct 06
Crompton Greaves Consumer Electricals Limited Announces the Launch of Storage Water Heaters Crompton Greaves Consumer Electricals Limited announced details with respect to the product(s) launch, as required under Regulation 30 of the SEBI LODR read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, are disclosed as under: Name of the product(s): Regera - ASWH-38xx series 10L, 15L & 25L, Date of Launch: October 4, 2023. Name of the product(s): Hydrajet - SWH series 10L, 15L & 25L, Date of Launch: October 4, 2023. Category of the product: Storage Water Heater. Announcement • Oct 05
Crompton Greaves Consumer Electricals Limited to Report Q2, 2024 Results on Nov 03, 2023 Crompton Greaves Consumer Electricals Limited announced that they will report Q2, 2024 results on Nov 03, 2023 Announcement • Sep 16
Crompton Launches Its New Mixer Grinder Range - Duroelite, Duroroyal and Boltmix with Fine Grinding That Delivers the "Secret of Fine Taste." Crompton Greaves Consumer Electricals Ltd. continues to push the boundaries of meaningful innovation. Presenting its latest masterpiece - a new series of Mixer Grinders - 1) DuroElite Plus, 2) DuroRoyal, 3) Boltmix Pro, 4) Boltmix Cool that assures 45 minutes of continuous grinding with the Powertron motor for longer usage. Poised to redefine the modern Indian kitchen, this range is a fusion of form and function, designed for consumers seeking finer grinding. From swift blending to durable & aesthetic designs, the range boasts an exceptional combination of finesse and efficiency, thereby, making it the `Secret of Fine Taste' and setting a new standard for culinary excellence. The kitchen always takes the center stage at the core of every home. As they embrace the joy of cooking, home chefs are becoming more adventurous in skillfully combining an array of flavors to curate diverse dishes. Moreover, with the upcoming festive season, the kitchen is all set to transform itself with the scents of traditional and local flavors. Indian cuisine's intricate blend of flavors and spices demands precision, hence driving the need for advanced kitchen appliances. Recognizing the evolving Indian palate's quest for refined taste, Crompton has carefully crafted their new range of mixer grinders, catering to the passionate home cooks who value a pleasant culinary experience. At the core of Duro Royal and Boltmix range is a thoughtfully engineered design which provides durability and ensures uninterrupted performance even during extended usage and no sudden stops during prolonged grinding sessions. Focusing on consumer utility and ease, they have introduced Mixer Grinders which can easily blend the smoothies & shakes and can easily be carried around. The special utility Chutney Jar with insulation and wipers makes it super easy to prepare the most delicious chutneys in their kitchen. Reported Earnings • Aug 13
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: ₹1.86 (down from ₹1.99 in 1Q 2023). Revenue: ₹18.8b (flat on 1Q 2023). Net income: ₹1.18b (down 2.2% from 1Q 2023). Profit margin: 6.3% (down from 6.5% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jul 26
Crompton Greaves Consumer Electricals Limited to Report Q1, 2024 Results on Aug 12, 2023 Crompton Greaves Consumer Electricals Limited announced that they will report Q1, 2024 results on Aug 12, 2023 Announcement • Jul 24
Crompton Greaves Consumer Electricals Limited Approves Dividend for the Financial Year Ended March 31, 2023 Crompton Greaves Consumer Electricals Limited announced that at its AGM held on July 22, 2023, shareholders approved the dividend of INR 3 per equity share of the face value of INR 2.00 each for the financial year ended March 31, 2023. Upcoming Dividend • Jun 30
Upcoming dividend of ₹3.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 21 August 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.6%). Price Target Changed • Jun 16
Price target decreased by 7.2% to ₹328 Down from ₹353, the current price target is an average from 39 analysts. New target price is 12% above last closing price of ₹293. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of ₹9.17 for next year compared to ₹7.29 last year. Reported Earnings • May 21
Full year 2023 earnings released: EPS: ₹7.29 (vs ₹9.21 in FY 2022) Full year 2023 results: EPS: ₹7.29 (down from ₹9.21 in FY 2022). Revenue: ₹69.4b (up 29% from FY 2022). Net income: ₹4.63b (down 20% from FY 2022). Profit margin: 6.7% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Price Target Changed • Apr 28
Price target decreased by 7.1% to ₹355 Down from ₹382, the current price target is an average from 38 analysts. New target price is 39% above last closing price of ₹255. Stock is down 34% over the past year. The company is forecast to post earnings per share of ₹7.33 for next year compared to ₹9.21 last year. Price Target Changed • Feb 07
Price target decreased by 11% to ₹396 Down from ₹445, the current price target is an average from 38 analysts. New target price is 24% above last closing price of ₹319. Stock is down 21% over the past year. The company is forecast to post earnings per share of ₹7.36 for next year compared to ₹9.21 last year. Reported Earnings • Feb 05
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹1.39 (down from ₹2.36 in 3Q 2022). Revenue: ₹15.2b (up 7.5% from 3Q 2022). Net income: ₹881.9m (down 41% from 3Q 2022). Profit margin: 5.8% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year. Announcement • Jan 14
Crompton Greaves Consumer Electricals Limited to Report Q3, 2023 Results on Feb 02, 2023 Crompton Greaves Consumer Electricals Limited announced that they will report Q3, 2023 results at 12:08 PM, Indian Standard Time on Feb 02, 2023 Announcement • Nov 29
Crompton Greaves Consumer Electricals Limited Announces Appointment of Ms. Rashmi Khandelwal as Company Secretary and Compliance Officer Crompton Greaves Consumer Electricals Limited informed that the Company in its Board meeting held on November 28, 2022 has appointed Ms. Rashmi Khandelwal as the Company Secretary & Compliance Officer and designated as Key Managerial Personnel of the Company with effect from November 28, 2022. Ms. Rashmi takes over from Ms. Pragya Kaul who resigned from the services of the Company with effect from close of business hours of September 15, 2022. Ms. Rashmi is not related to any of the Directors of the Company. The brief profile of Ms. Rashmi is enclosed. Ms. Rashmi Khandelwal is a qualified Company Secretary and a rank holder, B.A. Honors, LLB and PGDBM (Finance). She is a seasoned secretarial and legal professional having 13 years of experience. Prior to taking a role in Crompton Greaves Consumer Electricals Limited, she was associated with ACC Limited, YES Bank and a well- known law firm M/s Vaish Associates. Ms. Rashmi in her previous roles and profiles has handled various secretarial assignments, general corporate and advisory work including representing matters before RBI/NSE/BSE/SEBI/MCA etc. She has also co-authored two books on Companies Act, 2013 and has also participated in various private equity, acquisition transactions, and due diligences. Reported Earnings • Oct 28
Second quarter 2023 earnings released: EPS: ₹2.06 (vs ₹2.53 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.06 (down from ₹2.53 in 2Q 2022). Revenue: ₹17.0b (up 23% from 2Q 2022). Net income: ₹1.26b (down 21% from 2Q 2022). Profit margin: 7.4% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Durables industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Announcement • Oct 19
Crompton Greaves Consumer Electricals Limited to Report Q2, 2023 Results on Oct 26, 2022 Crompton Greaves Consumer Electricals Limited announced that they will report Q2, 2023 results at 12:08 PM, Indian Standard Time on Oct 26, 2022 Recent Insider Transactions • Oct 05
Insider recently sold ₹14m worth of stock On the 29th of September, Nithiyanandam Anandkumar sold around 35k shares on-market at roughly ₹405 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹239m. Insiders have been net sellers, collectively disposing of ₹2.1b more than they bought in the last 12 months. Recent Insider Transactions • Aug 26
Insider recently sold ₹3.9m worth of stock On the 23rd of August, Nithiyanandam Anandkumar sold around 10k shares on-market at roughly ₹391 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹495m. Insiders have been net sellers, collectively disposing of ₹1.3b more than they bought in the last 12 months. Recent Insider Transactions • Aug 19
Insider recently sold ₹27m worth of stock On the 12th of August, Sachin Phartiyal sold around 72k shares on-market at roughly ₹380 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹495m. Insiders have been net sellers, collectively disposing of ₹1.3b more than they bought in the last 12 months. Recent Insider Transactions • Jul 31
Insider recently sold ₹15m worth of stock On the 27th of July, Yeshwant Rege sold around 40k shares on-market at roughly ₹375 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹495m. Insiders have been net sellers, collectively disposing of ₹1.3b more than they bought in the last 12 months. Announcement • Jul 14
Crompton Greaves Consumer Electricals Limited to Report Q1, 2023 Results on Jul 22, 2022 Crompton Greaves Consumer Electricals Limited announced that they will report Q1, 2023 results on Jul 22, 2022 Reported Earnings • Jul 01
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: ₹9.21 (down from ₹9.83 in FY 2021). Revenue: ₹53.9b (up 12% from FY 2021). Net income: ₹5.78b (down 6.2% from FY 2021). Profit margin: 11% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 25%, compared to a 28% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Upcoming Dividend • Jun 30
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 21 August 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.8%). Higher than average of industry peers (0.5%). Recent Insider Transactions • Jun 10
MD & Executive Director recently sold ₹495m worth of stock On the 6th of June, Shantanu Khosla sold around 1m shares on-market at roughly ₹365 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹1.3b more than they bought in the last 12 months. Announcement • Jun 09
Crompton Greaves Consumer Electricals Limited Appoints Preetika Mehta as Head of Digital Marketing Crompton Greaves Consumer Electricals Limited has appointed Preetika Mehta as head of digital marketing, according to her recent LinkedIn update. In her new role, she will lead digital and e-commerce marketing initiatives across business segments. Mehta is a digital marketing professional with over 13 years of experience across media sectors including digital, print, radio and industries such as BFSI. She was previously associated with Godrej Consumer Products for five years where she led the digital marketing for its brands across categories like personal care, home care, detergent and key organisation level initiatives. Earlier, she had stints at Yahoo, Network18 Media and Investments (Forbes India), Radio Mirchi and American Express. Reported Earnings • May 29
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: ₹9.21 (down from ₹9.83 in FY 2021). Revenue: ₹54.7b (up 14% from FY 2021). Net income: ₹5.78b (down 6.2% from FY 2021). Profit margin: 11% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 16%, compared to a 27% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Announcement • May 19
Crompton Greaves Consumer Electricals Limited to Report Q4, 2022 Results on May 27, 2022 Crompton Greaves Consumer Electricals Limited announced that they will report Q4, 2022 results on May 27, 2022 Announcement • May 18
Crompton Greaves Consumer Electricals Announces Resignation of Sandeep Batra, Chief Financial Officer Crompton Greaves Consumer Electricals Limited announced that Mr. Sandeep Batra has tendered his resignation from the position of Chief Financial Officer of the Company, to pursue opportunities outside of Crompton. The resignatio11 has been accepted and he will be relieved of his responsibilities at the close of business hours on May 30, 2022. Recent Insider Transactions • Mar 18
Insider recently sold ₹6.3m worth of stock On the 14th of March, Rangarajan Sriram sold around 15k shares on-market at roughly ₹410 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹10m. Insiders have been net sellers, collectively disposing of ₹108m more than they bought in the last 12 months. Recent Insider Transactions • Mar 05
Chief Financial Officer recently sold ₹10m worth of stock On the 25th of February, Sandeep Batra sold around 25k shares on-market at roughly ₹418 per share. This was the largest sale by an insider in the last 3 months. Sandeep has been a seller over the last 12 months, reducing personal holdings by ₹21m. Reported Earnings • Jan 30
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ₹2.36 (down from ₹2.41 in 3Q 2021). Revenue: ₹14.2b (up 5.7% from 3Q 2021). Net income: ₹1.48b (down 1.9% from 3Q 2021). Profit margin: 10% (in line with 3Q 2021). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 14%, compared to a 27% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Nov 09
Insider recently sold ₹1.6m worth of stock On the 2nd of November, Rangarajan Sriram sold around 3k shares on-market at roughly ₹492 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹9.6m. Insiders have been net sellers, collectively disposing of ₹115m more than they bought in the last 12 months. Recent Insider Transactions • Nov 02
Insider recently sold ₹9.6m worth of stock On the 28th of October, Satyajit Mohanty sold around 20k shares on-market at roughly ₹480 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹114m more than they bought in the last 12 months. Reported Earnings • Oct 23
Second quarter 2022 earnings released: EPS ₹2.53 (vs ₹2.26 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2022 results: Revenue: ₹14.0b (up 16% from 2Q 2021). Net income: ₹1.59b (up 12% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 27
Insider recently sold ₹4.9m worth of stock On the 23rd of September, Satyajit Mohanty sold around 10k shares on-market at roughly ₹490 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹99m more than they bought in the last 12 months. Recent Insider Transactions • Sep 22
Insider recently sold ₹740k worth of stock On the 14th of September, Sunil Tolani sold around 2k shares on-market at roughly ₹493 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹26m. Insiders have been net sellers, collectively disposing of ₹92m more than they bought in the last 12 months. Recent Insider Transactions • Sep 08
Insider recently sold ₹3.2m worth of stock On the 2nd of September, Sanjeev Agrawal sold around 7k shares on-market at roughly ₹484 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹26m. Insiders have been net sellers, collectively disposing of ₹83m more than they bought in the last 12 months.