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Havells India Announces Q1 FY-23 Financials: Revenue Up 62.6% YoY

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Havells India Limited [NSE: HAVELLS, BOM: 517354], a major Indian company in the Fast Moving Electrical Goods (FMEG) segment, has announced its financial results for the first quarter of the 2022-23 fiscal.

Havells India’s Consolidated Financial Results For Q1 of FY-23

Y-o-Y Comparison of Havells’ Q1 Financials: Q1 FY-23 vs Q1 FY-22

Havells India has reported Rs. 4,244.46 crore as its revenue from operations for the quarter ended 30th June 2022. This is an impressive 62.62% increase YoY from Rs. 2,609.97 crore, which was the company’s reported revenue for Q1 of the previous fiscal. Profit After Tax (PAT) clocked by the company during Q1 of the current fiscal showed a meagre increase of 3.13% to Rs. 243.16 crore from Rs. 235.78 crore for quarter ended 30th June 2021.

Comparison of Havells India’s Financials: Q1 FY22 vs Q1 FY23 vs Q4 FY22

Q-o-Q Comparison of Havells India’s Financials: Q1 FY-23 vs Q4 FY-22

Comparing Havells’ Q1 FY-23 financials with those for the previous quarter, the company’s revenue from operations fell by 4.10% from Rs. 4,426.26 crore.

PAT also exhibited a downward trajectory with a decrease of 31.01% from Rs. 352.48 crore recorded for the last quarter of financial year 2021-22.

Segment-wise Revenue and Y-o-Y Comparison of Havells India’s Consolidated Financials

Havells India’s Segment-wise Revenue Comparison: Q1 FY22 vs Q1 FY23

Switchgears: Revenue from Havells India’s Switchgear business showed a remarkable 37% YoY increase to Rs. 516.93 crore recorded for the first quarter of FY-23, from the Rs. 377.32 crore revenue clocked during the same period in FY-22.

Cable: Cable segment of Havells India Ltd. reported a revenue of Rs. 1,192.92 crore in Q1 of FY-23. This translates to a remarkable 47.79% Year-on-Year increase from the Rs. 807.17 crore cable revenue during the first quarter of the previous financial year.

Lighting & Fixtures: Havells India’s Lighting and Fixtures segment reported healthy revenue YoY growth of 74.29% to Rs. 373.67 crore during Q1 of FY-23 from Rs. 214.39 crore reported for Q1 of FY-22.

Electrical Consumer Durables (ECD): The company’s revenue from its ECD segment stood at Rs. 839.55 crore for the first quarter of the current fiscal. This reflects a 45.67% Y-o-Y increase from Rs. 576.33 crore recorded in Q1 of 2021-22.

Lloyd: Revenue from Havells India-owned Lloyd brand shot up remarkably by 119.87%. During Q1 of FY-23, Lloyd contributed Rs. 1,093.79 crore to Havells India’s revenue as against Rs. 497.46 crore during Q1 of the previous financial year.

Others: This segment comprises products like water pumps, purifiers and motors from Havells India. Y-o-Y comparison of revenue from this segment shows a healthy 65.77% growth to Rs. 227.60 crore during Q1 of FY-23 from Rs. 137.30 crore reported for Q1 of 2021-2022.

Company’s Insights on its Financial Performance in Q1 of FY-23

Commenting on the company’s financial performance, Mr. Anil Rai Gupta, Chairman & Managing Director, Havells India said that there has been a consistent growth in quarterly and three-year Compounded Annual Growth Rate (CAGR) numbers. He added that margins were maintained in case of most segments, except the cable segment, which saw a rough patch owing to commodity price fluctuations.

Speaking of the company’s performance in the switchgear segment, Mr. Rajiv Goel, Executive Director, Havells India Ltd., said that this segment has shown a CAGR of 15% to 16% in the past three years as against the single-digit figures earlier.

About Havells India Limited: Noida-based Havells India Limited is one of India’s biggest players in the FMEG Segment. The company, which was founded in 1958, reported a turnover of Rs. 13,889 crore for FY-22. It’s product range includes products such as Industrial & Domestic Circuit Protection Switchgear, Cables & Wires, Motors, Fans, Power Capacitors, and Luminaires for Domestic, Commercial & Industrial applications, Modular Switches, Water Heaters and Domestic Appliances.