Havells India - An All-Round  Q3 Performance: ICICI Direct 
Workers assemble component for E-Lite LED 18 W Pride Plus lights on the production line of the light-emitting diode (LED) fixture assembly unit at the Havells India Ltd. (Photographer: Udit Kulshrestha/Bloomberg)

Havells India - An All-Round  Q3 Performance: ICICI Direct 

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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.

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.

Click on the attachment to read the full report:

ICICI Direct Havells India Q3FY21 Result Update.pdf

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