Havells India Q4 Results Review - Healthy Growth In ECD, Lloyd Turns Positive: Prabhudas Lilladher

"NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.We have downward revised our FY25/FY26E earnings of Havells India Ltd. by 6.4%/8.8% mainly with correction in margins with increased advertising and employee expenses, and raw material price fluctuation. Havells India’s reported healthy growth in revenue mainly with better than expected growth from electrical consumer durable and cables segments (21.5%/14.1% YoY), while Lloyd reported soft revenue growth (+5.4% YoY). The company indicated that ECD segment growth momentum to continue through summer led demand and uptick in real estate demand. Lloyd strategy remain on growth with profitability while expected to maintain its market share. We believe the company to focus on growth in coming year with restricted margins. We estimate revenue/Ebitda/profit after tax compound annual growth rate of 15.6%/24.5%/26.8% for FY24-26E with ECD/cables/Lloyd segments revenue CAGR of 13.5%/18.0%/16.2% over FY24-26E and Ebitda margin to reach 11.5% by FY26E (+160 bps). Maintain ‘Accumulate’ rating at a discounted cash flow based target price of Rs 1,774 (earlier Rs 1681), which implies 54 times FY26 earnings per share..Click on the attachment to read the full report:.Havells India Q4 Results Review - B2C Demand Recovery Priced In; Downgrade To Neutral: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Havells India Q4 Results Review - Healthy Growth In ECD, Lloyd Turns Positive: Prabhudas Lilladher

Revenue grew 12.0%, adjusted profit after tax grew 24.8%

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Havells India Q4 Results Review - Healthy Growth In ECD, Lloyd Turns Positive: Prabhudas Lilladher

Revenue grew 12.0%, adjusted profit after tax grew 24.8%

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