Shares of Havells India pared losses after the fast‐moving electrical goods company on Thursday announced its entry into the refrigerator segment under its consumer durable brand ‐ Lloyd.
Havells India said it launched 25 new models of direct cool, frost free and side by side refrigerators. It plans to launch additional 25 models of refrigerators and a new range of dishwashers by Diwali 2020.The refrigerators will be available in capacities ranging from 190 litres to 587 litres, and at an introductory offer price range from Rs 10,000 to Rs 84,990. The newly launched refrigerators will come with a one year comprehensive warranty along with a 10 years compressor warranty. The range will be available across pan India Lloyd brand shops, offline dealers and Lloyd online estore.
Speaking on the occasion, Shashi Arora, CEO, Lloyd said, "Today, we are introducing DC, side by side, frost free range of refrigerators to complement other categories, in our attempt to make Lloyd a full-fledged consumer durable brand. Backed by our Make in India vision, we are going to produce all our refrigerators in the country enabling us to bring better quality and relevant customisations to our customers."
Havells India was down 0.19% at Rs 672.90. The stock fell as much as 1.43% at the day's low of Rs 664.55.
Havells India's net profit tumbled 64% to Rs 63 crore on a 45% decline in net revenue to Rs 1,479 crore in Q1 FY21 over Q1 FY20. EBIDTA fell 53% to Rs 131 crore in the June quarter from Rs 278 crore in the corresponding period last year. EBIDTA margin was at 8.8% as on 30 June 2020 as against 10.3% as on 30 June 2019.
Havells India is a leading fast moving electrical goods company with presence across India. Its product range includes industrial & domestic circuit protection switchgear, cables & wires, motors, fans and power capacitors.
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