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Havells Announces FY-24 Financial Results: Revenue Up 10%, PAT Jumps 19% YoY

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Havells India Limited [NSE: HAVELLS, BOM: 517354], a major Indian manufacturer in the cable & wire and FMEG space, has announced its financial results for the quarter and financial year ended 31st March 2024.

Havells’ Standalone Financial Numbers for Q4 FY-24 & FY-24

In the closing quarter of FY-24, Havells India recorded a standalone revenue of Rs. 5,434.34 crore from operations, alongside a Profit After Tax (PAT) of Rs. 448.86 crore. The company’s Earnings Per Share (EPS) for Q4 FY-24 stood at Rs. 7.16.

For the entire financial year 2023-24, Havells India reported a standalone revenue of Rs. 18,549.90 crore and a PAT of Rs. 1,273.21 crore. In FY-24, the company’s EPS was recorded as Rs. 20.32.

Havells India Consolidated Financial Figures: Q4 FY-24 & FY-24

YoY Comparison of Havells’ Financials: Q4 FY-24 vs. Q4 FY-23 & FY-24 vs. FY-23

Havells’ Revenue YoY Comparison: Q4 FY23 vs. Q4 FY24 & FY23 vs. FY24

In Q4 FY-24, Havells India’s consolidated revenue reached Rs. 5,442.02 crore, marking a 12% increase from Rs. 4,859.21 crore in Q4 of FY-23. Similarly, the PAT increased by 24.76% YoY to Rs. 446.70 crore in Q4 FY-24 from Rs. 358.04 crore during Q4 FY-23. Proportionally, Havells’ EPS for Q4 FY-24 was Rs. 7.13 against Rs. 5.71 in Q4 FY-23.

Havells’ PAT YoY Comparison: Q4 FY23 vs. Q4 FY24 & FY23 vs. FY24

For the entire FY-24, Havells reported a consolidated revenue of Rs. 18,590.01 crore, a 9.93% increase from Rs. 16,910.73 crore in FY-23. The company’s PAT surged to Rs. 1,270.76 crore during FY-24, reflecting an 18.57% increase from the Rs. 1,071.73 crore PAT earned in the course of FY-23.

Following the same trend, the company’s EPS grew to Rs. 20.28 for FY-24 from Rs. 17.11 during FY-23.

QoQ Comparison of Havells’ Financials: Q4 FY-24 vs. Q3 FY-24

Havells’ Revenue Comparison: Q3 FY24 vs. Q4 FY24
Havells’ PAT Comparison: Q3 FY24 vs. Q4 FY24

On a Quarter-over-Quarter (QoQ) basis, Havells India recorded an increase of 23.30% in revenue, from Rs. 4,413.86 crore in Q3 of FY-24.

Havells’ PAT rose significantly, by 55.15% during Q4 of FY-24 from Rs. 287.91 crore in Q3 of FY-24.

Havells India Segment-Wise Revenue Comparison

In Rs. Cr.

YoY Comparison of Havells’ Segment-Wise Revenue: Q4 FY23 vs Q4 FY24 & FY23 vs FY24

Cables: Havells India generates a major portion of its revenue from its cable segment. During the entire FY-24, the company generated 34% of gross revenue* from its cable business.

The company earned Rs. 1,789.55 crore as revenue during Q4 FY-24 from its cable segment against Rs. 1,568.15 crore clocked during Q4 FY-23. This represents an increase of 14.12% on a YoY basis.

For the entire financial year, Havells’ revenue from its cable business was Rs. 6,317.57 crore during FY-24, reflecting a 14.19% increase from its Rs. 5,532.60 crore revenue for FY-23.

*Gross revenue is the sum of segmental revenue of a company without the deduction of any inter-segmental revenue.

Lloyd Consumer: In Q4 of FY-24, Havells’ Lloyd segment generated Rs. 1,345.88 crore revenue, marking a 5.89% increase from Rs. 1,271.02 crore in Q4 of FY-23.

Over the full financial year 2023-24, Lloyd’s revenue grew by 12.24% to Rs. 3,810.30 crore from Rs. 3,394.92 crore in FY-23.

Further, in its Q4 FY-24 investor presentation, the company mentioned that ‘cost-saving and business efficiency measures’ in Lloyd have resulted in improved margins.

Electrical Consumer Durables: Havells’ revenue from its Electical Consumer Durables segment surged YoY by 21.47% to Rs. 910.37 crore in Q4 of FY-24 from Rs. 749.45 crore in Q4 of FY-23.

Over the entire FY-24, revenue from this segment exhibited a growth of 5.59% to Rs. 3,482.48 crore against Rs. 3,298.21 crore logged for the financial year ended 31st March 2023.

Switchgear: Revenue from Switchgear segment of the company grew by 8.36% to Rs. 651.28 crore during Q4 FY-24 from Rs. 601.03 crore in Q4 of FY-23.

For FY-24, Havells’ revenue from its switchgear vertical stood at Rs. 2,246.31 crore, up by 5.95% from Rs. 2,120.19 crore in FY-23.

Lighting & Fixtures: Havells India reported a revenue of Rs. 435.30 crore from its Lighting & Fixtures segment during Q4 of FY-24. This reflects a YoY increase of 4.65% from the company’s 415.95 crore revenue clocked for Q4 of FY-23.

Moreover, for the entire FY-24, the company reported Rs. 1,639.75 crore as revenue from this segment, showing a slight increase of 1.56% from Rs. 1,614.54 crore in FY-23.

Others: This segment comprises some of Havells India’s other products, such as motors, water pumps, and purifiers.

During the fourth quarter of FY-24, Havells generated Rs. 309.64 crore revenue from this segment, marking a 22.09% increase from Rs. 253.61 crore reported in Q4 FY-23.

Additionally, for FY-24 Havells registered Rs. 1,093.60 crore as consolidated revenue from this segment, representing a healthy growth of 15.08% from the Rs. 950.27 crore earned in FY-23.

Insights of Havells Management on its Q4 FY-24 & FY-24 Financial Performance

Speaking about the company’s Q4 FY-24 results during its earnings call, Mr. Anil Rai Gupta, Chairman and Managing Director of Havells India Limited, said, “….Q4 delivered a decent revenue growth supported by continued infrastructure led demand and promising start of the summer season. We are also seeing some early signs of benefit from real estate updates”.

About Havells India Limited: Havells India Limited is a Noida-based company, which is one of the biggest players in the Indian FMEG market. Its product range includes Industrial and domestic Circuit Protection Switchgear, Modular Switches, Cables and wires, Fans, Power Capacitors, and Luminaires for Domestic, Commercial, and industrial applications, Water Heaters, Motors, and Domestic Appliances.