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Q2FY22 Result Update - Havells India - ICICI Direct

Posted On: 2021-10-24 14:46:13 (Time Zone: IST)


Better-than-expected performance on all product verticals

  • Reported revenue growth of 31% YoY, 24% QoQ to Rs. 3221 crore. Havells reported volume growth (excluding cable & wire) of 12% YoY
  • EBITDA margin declined 340 bps YoY to 13.8%, mainly due to a sharp decline in gross margin. Delay in passing on of higher raw material prices in the industrial product category led to a decline in gross marginv
  • PAT fell ~7% YoY led by lower EBITDA margin and other income during Q2FY22

Key triggers for future price performance
  • Total ~1.7 crore new houses under PMAY, urbanisation and rising aspiration level will give a significant boost to demand for home appliances
  • Revival in the Lloyd business through new launches and improvement in segment margin
  • It aims to increase its town penetration from current 1150 to 2000 and retail touch points from 1.6 lakh to 2.5 lakh over the next five years
  • Model revenue, earnings CAGR of ~21%, 20%, respectively, in FY21-24E

For details, click on the link below: Link to the report

Shares of Havells India Limited was last trading in BSE at Rs. 1289.50 as compared to the previous close of Rs. 1285.60. The total number of shares traded during the day was 75074 in over 4915 trades.

The stock hit an intraday high of Rs. 1319.10 and intraday low of 1265.60. The net turnover during the day was Rs. 97087072.00.


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