Havells India Ltd - Result Update - SELL - TP Rs.442 - Kotak

- HIL reported Q2FY18 revenue in line with our estimate, however higher margins in Lloyd and cable division led to PAT higher than our estimate. Other divisions (comparable business, ex-Lloyd) reported muted YY revenue growth affected by lower primary sales due to GST implementation.

- We tweak FY18/FY19 earnings estimate to factor in sluggish sales in key segments due to GST transition. Value HIL stock at 31x FY19 estimated earnings and maintain 'SELL' recommendation with revised price target of Rs 442 (Rs 460 earlier).

Shares of HAVELLS INDIA LTD. was last trading in BSE at Rs.482.85 as compared to the previous close of Rs. 484.7. The total number of shares traded during the day was 81930 in over 1423 trades.

The stock hit an intraday high of Rs. 491 and intraday low of 480.25. The net turnover during the day was Rs. 39653729.

Source : Equity Bulls

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