Havells Q1 Results: Net profit jumps 43% YoY to Rs 411 crore; revenue rises 20%

economictimes.indiatimes.com:

Havells India reported a 43% year-on-year rise in net profit to Rs 411 crore in the quarter ending June 2024. The revenue increased by 20% year-on-year to Rs 5,798 crore.

The earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 43% year-on-year to Rs 576 crore.

Anil Rai Gupta, chairman and managing director of Havells India said, “We are enthused by the overall performance led by summer-centric portfolio. Our cost initiatives are also yielding results, supporting margin improvement. We continue our investments into brand, products, and talent pool, as we feel excited about economic and business growth.”

The company’s Lloyd business grew the highest, by 47% year-on-year to Rs 1,924 crore. Industry executives attributed the high growth of Lloyd to the all-time highest sales of air-conditioners by the industry due to a scorching summer this season.

The electrical consumer durables segment grew by 20% year-on-year to Rs 1,055 crore. The switchgear business grew by 6% y-o-y, lighting and fixtures by 5% y-o-y, and the cable business grew by 2% y-o-y.

ET had reported earlier in May that Havells was going to invest Rs 1,000 crore this year to set up new capacities for cables, refrigerators, lighting, and fans.