Havells India - Good Q4 Growth On A Soft Base: Dolat Capital
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Dolat Capital Report
Havells India Ltd.'s Q4 saw high growth across all segments due to the soft base of last year, with key numbers in-line with estimates.
Sales was up 50.6% YoY, Ebitda was up 107.9% YoY and profit after tax was up 71% YoY.
Balance sheet was robust with net cash of Rs 14 billion though net working capital days doubled to 56 days due to inventory.
While a recovery similar to FY21 is expected, the company expects it will be driven by urban markets as opposed to rural earlier.
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