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Havells India Announces Q2 FY-24 Financials: PAT Grows 33%

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Havells India Limited [NSE: HAVELLS, BOM: 517354], a major Indian manufacturer in the cable & wire and FMEG sectors has announced its financial results for second quarter of FY-24.

Havells India’s Standalone Financial Results

Havells India reported Rs. 3,891.24 crore as its standalone revenue from operations for Q2 of FY-24, whereas the corresponding standalone Profit After Tax (PAT) of the company stood at Rs. 249.10 crore.

Earnings Per Share (EPS) of the company was Rs. 3.97 for the second quarter of FY-24.

Havells India’s Q2 FY-24 Consolidated Financial Performance

YoY Comparison of Havells India’s Financial Performance: Q2 FY24 vs. Q2 FY23

Comparison of Havells India’s Financials: Q2 FY23 vs Q2 FY24 vs Q1 FY24

Havells India reported Rs. 3,900.33 crore as its consolidated revenue from operations for Q2 of FY-24. This reflects a Year-over-Year (YoY) growth of 6% from Rs. 3,679.49 crore revenue logged by the company for Q2 of FY-23.

The company’s Q2 PAT showed a strong YoY growth of 33.19% to Rs. 249.08 crore during FY-24 from Rs. 187.01 crore reported for Q2 of FY-23.

EPS of the company during Q2 of FY-24 stood at Rs. 3.97 against Rs. 2.98 during Q2 of FY-23.

QoQ Comparison of Havells India’s Financial Numbers: Q2 FY-24 vs. Q1 FY-24

QoQ Havells India’s revenue from operations for Q2 FY-24 decreased by 19.31% from Rs. 4,833.80 crore which was clocked during Q1 of FY-24.

PAT of the company also showed a downward trend on a Quarter-over-Quarter (QoQ) basis, decreasing by 13.23% from Rs. 287.07 crore recorded for Q1 of FY-24.

Havells India’s Segment-Wise Financial Performance

YoY Comparison of Havells’ Segment-Wise Revenue: Q2 FY23 vs Q2 FY24

Switchgear: Revenue from Havells India’s Switchgear business showed a 9.36% YoY increase to Rs. 533.59 crore recorded for the second quarter of FY-24, from Rs. 487.90 crore reported for Q2 of FY-23.

Cables: Cable segment of the company clocked a revenue of Rs. 1,470.15 crore in Q2 of FY-24. This reflects a 8.15% YoY increase from Rs. 1,359.39 crore cable revenue logged during second quarter of FY-23.

Lighting & Fixtures: Havells India’s revenue from Lighting and Fixtures segment stood at 399.91 crore during second quarter of FY-24. This shows a slight YoY decrease of 0.46% from Rs. 401.75 crore clocked during Q2 of FY-23.

Electrical Consumer Durables: The company’s revenue from this segment stood at Rs. 733.06 crore during Q2 of FY-24. This shows a YoY decrease of 5.22% from Rs. 773.47 crore earned during Q2 of FY-23.

Lloyd Consumer: Revenue from Lloyds Consumer jumped by 18.49% to Rs. 497.40 crore reported during Q2 of FY-24 from Rs. 419.79 crore during Q2 of FY-23.

Others: This segment comprises Havells India’s other products such as motors, water pumps, and purifiers. Q2 revenue from this segment grew by 12.24% from FY23 to FY-24, to Rs. 266.22 crore from 237.19 crore.

Summary of Havells India Financial Performance

During the company’s earnings call for Q2 of FY-24, Mr. Anil Rai Gupta, Chairman and Managing Director of Havells India Limited, said, “The second quarter witnessed softness in the consumer demand. However, infrastructure and housing demand led to healthy growth in B2B categories like industrial switchgear, professional lighting, and power cables. Lloyd continues to maintain its growth momentum. Lighting business delivered decent volume growth. However, price deflation in LED impacted the revenues”.

Mr. Gupta further mentioned that Rs. 600 crore will be utilised for CAPEX during the current (2023-24) financial year.

Havells India Limited: Havells India Limited is a Noida-based company, which is one of the biggest players in the Indian FMEG market. The company, which was founded in 1958, reported a turnover of Rs. 16,910.73 crore for FY-23. 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.