Havells India Ltd - AR 2013 - Expected Lines; Maintain Buy - Emkay

Reco: BUY
CMP: Rs 727
Target Price: Rs 790

- Reiterates the focus on its three pillars of growth: In-house Manufacturing, Branding and Distribution. Expect these drivers to ensure sustainable future growth

- Key Positives - New products, rising exports, brand transfer to Havells India and reduction in acceptances

- Key Negatives - Sluggishness in industrial cables and muted growth in Sylvania

- No deviations versus erstwhile assessment. Transiting into consumer focused electrical goods company. Maintain BUY with a PT of Rs790

Source : Equity Bulls

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