Havells: Near-term demand uncertainty to weigh on Street sentiment

The company said that demand markets were tepid initially because of lockdowns, but picked momentum in the later half of May.

While Havells managed to post a better than expected performance for the quarter ending June, it is the near-term uncertainties on demand and stock valuations that are likely to weigh. The stock lost 1.85 per cent on Monday.

Despite the lockdown, while revenues declined 45 per cent year-on-year to Rs 1479 crore, it was a better than expected rebound in June sales that pushed revenues ahead of consensus estimates of Rs 1,302 crore.  June saw sales grew 4 per cent year-on-year (40 per cent decline in May). Higher revenues helped Ebitda at Rs 131 crore to beat an estimate of Rs