Q4FY21 Result Update - Havells India - ICICI Direct

Havells continued its growth momentum in Q4FY21 with topline growth of 50% YoY in line with our estimate of 48%. The company witnessed strong revenue growth in all business verticals cables, switchgears, electrical consumer durable (ECD), Lloyd, lightings and others by 51%, 53%, 71%, 29%, 40% and 71%, respectively. The management reiterated market share gains, strong demand traction in rural helped drive sales recovery for Havells India in Q4 and in FY21. The company reported ~11% topline growth in FY21 despite a washout in Q1. The key takeaways from conference call are: 1) strong sales traction in first two weeks of April 2021 before lockdown imposed in many states, 2) May sales hit by lockdown across the country, 3) price hikes of 10% in fans and 45-50% in cable business to offset inflationary pressure, 4) focus on capacity building of Lloyd (future launches in refrigerators and washing machines categories), 5) focus on tapping rural and semi urban markets for the long term. However, considering lockdowns and higher input prices, we revise our FY22E revenue, PAT estimate downward by ~7%, 6%, respectively.

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

Shares of HAVELLS INDIA LTD. was last trading in BSE at Rs.1027.85 as compared to the previous close of Rs. 1072.65. The total number of shares traded during the day was 351158 in over 17217 trades.

The stock hit an intraday high of Rs. 1077 and intraday low of 1023.45. The net turnover during the day was Rs. 365607420.

Source : Equity Bulls

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