BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
For Havells India Ltd. Q2 saw gross margin pressures come to the fore resulting in Ebitda margin decline despite a strong topline growth.
Sales was up 31% year-on-year, Ebitda was up just 5% YoY and profit after tax was down 7.6x% year-on-year at Rs 3 billion.
Balance sheet was robust with net cash of Rs 21 billion due to working capital improvement.
Q2 and H1 saw a broader based growth for the company across urban and rural markets.
It is expecting a good festive season based on its trade feedback and is optimistic on H2.
The market share gains of larger players seen in FY21 is expected to sustain.
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