Havells India - An All-Round Q3 Performance: ICICI Direct
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ICICI Direct Report
Havells India Ltd. reported a strong all round performance with topline, profit after tax growth of 40% and 75% YoY which were better than our growth expectations of 15% and 8% respectively.
Improved plant utilisation coupled with control on overhead expenses helped company to report 420 basis points increase in Ebitda margin to 16%.
The key highlights of the call are as follows -
1. Price hikes in the range of 5%-15% into different product categories
2. Pre-buying activities during December 2020 by trade in the fear of price hikes
3. Focus on capacity building of Lloyd (to cater export opportunities in the AC business)
4. Increased focus on taping rural and semi urban markets
5. Higher margin level likely to sustain.
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