HDFC Securities: Havells - Sharp Margin Recovery In Q2; Lloyd Back On Track 
Havells branding is displayed on a component for E-Lite LED 18 W Pride Plus lights on the production line (Photographer Udit Kulshrestha/Bloomberg)

HDFC Securities: Havells - Sharp Margin Recovery In Q2; Lloyd Back On Track 

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.

HDFC Securities Report

Havells India Ltd. reported a stellar Q2 FY21 with a massive jump in operating margin.

Core business posted revenue/Ebit growth of 6/45% YoY. Lloyd clocked 56% YoY revenue growth with 2% Ebit margin versus 25% loss YoY.

We were also expecting quicker recovery in margin than revenue; however, the magnitude of margin recovery beat ours as well as the street’s expectation.

We believe some of the cost will restore in H2 FY21 (advertisement and promotion, employee, etc.). Hence, margin expansion will be healthy, but unlike Q2’s.

Click on the attachment to read the full report:

HDFC Securities Havells Q2FY21 Results Update.pdf


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