Motilal Oswal: Havells India Q2 Review - Big Beat Aided By Record High Margins
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)

Motilal Oswal: Havells India Q2 Review - Big Beat Aided By Record High Margins

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.

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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Motilal Oswal Havells India Q2FY21 Result Update.pdf


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