Butterfly Gandhimathi Appliances Ltd. (‘Company’), South-India’s leading kitchen and small domestic appliances player, reported its standalone financials for the third quarter ended 31st December 2023.
Results for Q3 FY24 highlighted that 7 new products were launched in Q3 such as Insta and Dynamo Mixer Grinders, Friendly Shakti Gas Stove, Jyoti Stainless Steel LPG, Matchless Sandwich Maker, Magnum Cool Touch Kettle, Dazzler Hand Blender. Magnum series in Mixer Grinders and Stainless SteelGas Stove helped in improving the Revenue contribution from the premium segment. New product launches resulting in accelerated portfolio refresh with focus on premiumization and Butterfly was awarded the ‘Best Company of the Year’ in the Home Appliances category by IBC and Berkshire Media.
Commenting on the performance, Rangarajan Sriram, Managing Director, Butterfly Gandhimathi Appliances Ltd. said, “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. The ‘Power of One’ initiative, which leverages Crompton’s existing strength in distribution to expand Butterfly’s reach in the West & North regions, is garnering momentum. Promotions due to competitive intensity increase in employee expenses and higher A&P spends led to subdued EBITDA margins. We continue to focus on strengthening our Retail, Regional Chain Stores & Modern Trade presence and gaining share in E-commerce.”