Havells Q1 Results: Net profit rises 18% on year to ₹287.07 crore
Havells India Ltd on Thursday reported an 18% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹287.07 crore. The company had reported a profit of ₹243.16 crore in the year-ago period. Sequentially, the consolidated net profit slumped nearly by 20%. For the quarter ended June 30 (Q1FY24), consolidated revenue from operations jumped nearly 14% year-on-year to ₹4,833.80 crore from ₹4,244.46 crore in Q1FY23.
Havells India's consolidated total income for the quarter under review, stood at ₹4,898.64 crores as compared to ₹4,292.05 in Q1FY23. Earnings before interest, taxes, depreciation, and amortisation or EBITDA for Q1FY24 was at ₹402 crore. When compared to the 8.5% recorded in Q1FY23, the EBITDA margin dropped by 20 basis points to 8.3% during the quarter.
The company in an exchange filing reported that during the first quarter of FY24, consumer demand was subdued, while it has recently seen to take up, infrastructure and construction upcycling continued, cooling products were hit by unseasonal rains, and overall margins were maintained. Havells India share price opened at ₹1,373.95 apiece on BSE. The stock touched a new 52-week high today at ₹1,408.
Following Q1FY24 numbers, the stock witnessed some profit booking, according to analysts. “The stock prices have seen a strong move from the Monday's low of 1,258 and in the morning as well the prices were seeing strong positive traction. However, post result we are seeing profit booking.
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