Havells Q1FY24 result: Net revenue up 14% YoY; disrupted summer drags sales

Ebitda increases by 11% YoY but goes down by 24% QoQ; LLoyd witnesses steady growth

Havells reported a 14 per cent year-on-year (YoY) growth for the first quarter of the current financial year (Q1FY24) in net revenue. Revenues increased from Rs 4,230 crore in the same period last year to Rs 4,824 crore this year. Compared to last quarter net revenues fell by a minuscule 0.5 per cent from Rs 4,850 crore in Q4FY23.

Earnings before interest, taxes, depreciation, and amortisation (Ebitda) at Rs 402 crore makes up 8.3 per cent of the net revenue and has increased by 11 per cent YoY but gone down by 24 per cent quarter on quarter (QoQ).

According to Havells BSE filing, the company stated that "disrupted summer" impacted the sale of fans along with some price erosion.

 

Havells also noted changes in consumer behavior and preferences, reporting a "deflationary trend" in LED light. The company added that they had witnessed a healthy growth in the demand for professional lighting.

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Despite the drop in sales, Lloyd, a Havells brand, showed decent growth with a 20 per cent YoY growth in revenue from Rs 1,084 crore in Q1FY23 to Rs 1,305 crore in the latest quarter.