Havells Q1 net profit rises 3% to Rs 243 crore; revenue jumps 63%

Havells India Ltd on Wednesday reported an increase of 3.13 per cent in consolidated net profit to Rs 243.16 crore for the June quarter as margins were impacted due to commodity cost fluctuation.

Havells India Ltd on Wednesday reported an increase of 3.13 per cent in consolidated net profit to Rs 243.16 crore for the June quarter as margins were adversely impacted due to commodity cost fluctuation.

The consumer electrical goods maker company had posted a consolidated net profit of Rs 235.78 crore in the April-June quarter a year ago, Havells said in a regulatory filing.

Its revenue from operations was up 62.62 per cent to Rs 4,244.46 crore during the period under review as against Rs 2,609.97 crore in the corresponding period last fiscal.

Havells India Chairman and Managing Director Anil Rai Gupta said the company has a "robust revenue growth" in first quarter of FY23 over the corresponding quarter, which was disrupted by the second wave of the pandemic.

"Margins adversely impacted due to commodity cost fluctuation. We expect benefits from the recent cost moderation to reflect in a couple of quarters. The demand outlook remains stable in consumer and residential segments," he said.

Havells total expenses were at Rs 3,964.76 crore, up 70.36 per cent during the first quarter of FY 2022-23 as against Rs 2,327.20 crore.

Revenue from the Switchgears segment was 37 per cent up at Rs 516.93 crore. The same stood at Rs 377.32 crore in the April-June quarter a year ago.

Its cables segment was at Rs 1,192.92 crore, up 47.79 per cent as compared to Rs 80,717 crore last year.

Havells' revenue from lighting and fixtures in the first quarter of FY23 was up 74.29 per cent to Rs 373.67 crore. It was Rs 214.39 crore in the corresponding quarter of the previous year.

Revenue from Electrical Consumer Durables (ECD) was up 45.67 per cent to Rs 839.55 crore.

According to the filing, revenue from Lloyd Consumer, a company which Havells had acquired in 2017, was up over two-fold to Rs 1,093.79 crore in the June quarter as against Rs 497.46 crore.

Havells' Revenue from 'Other Segment' was at Rs 227.60 crore, up 65.76 per cent, as against Rs 137.30 crore.

On Wednesday, shares of Havells India Ltd settled 2.86 per cent down at Rs 1,223.35 apiece on BSE.