Havells India Ltd - Well on Track; Retain BUY - Emkay

Reco: BUY
CMP: Rs 914
Target Price: Rs 1000

- Drivers to domestic business growth remains intact - widening and deepening reach, new products and shift from un-organised to organised market

- Margin expansion in domestic business hinges on product mix, cost efficiencies and premiumisation. Expect 13.5-14% EBITDA margins in FY15E

- Some greenshoots visible in Sylvania, but growth and profitability would depends purely on improving utilisation

- Growth remains on track. Our conviction on Havells remains strong. Retain BUY with price target of Rs 1000.

Source : Equity Bulls

Keywords