Motilal Oswal: Havells India Q2 Review - Big Beat Aided By Record High Margins
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Motilal Oswal Report
Havells India Ltd.’s revenue came in 14% above our estimates, with strong growth across the electrical consumer durables segment and Lloyd.
The company gained market share across most of the B2C product categories.
Negligible advertisement spends and on-going cost rationalization measures led to a strong beat in earnings as Ebitda margins came in at an all-time high of 17.2%.
The company’s core portfolio saw 6% YoY growth in Q2 FY21, and Lloyd was up 56% YoY.
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