Havells India’s Annual FY23 Revenue Soars 21.32%, PAT Drops 10.43% YoY
Havells India Limited [NSE: HAVELLS, BOM: 517354], a major Indian manufacturer in the electric cable & wire and FMEG sectors has announced its financial results for the last quarter of FY-23.
Havells’ Standalone Financial Figures
For the quarter ended 31st March 2023, Havells reported Rs. 4,849.59 crore as its standalone revenue from operations. The company’s standalone Profit After Tax (PAT) for the corresponding period amounted to Rs. 361.71 crore.
Earnings Per equity Share (EPS) of the company was Rs. 5.77 for the last quarter of FY-23, and Rs. 17.16 for the entire fiscal.
Further, for the entire financial year, Havells clocked a revenue of Rs. 16,868.38 crore in FY-23. Further, the PAT for the year ended 31st March 2023 stood at Rs. 1,074.95 crore.
Havells’ Consolidated Financial Results
YoY Comparison of Havells India’s Financials: Q4 FY-22 vs. Q4 FY-23 & FY-22 vs. FY-23
Havells India clocked a consolidated revenue of Rs. 4,859.21 crore during the quarter ended 31st March 2023. This reflects a Year-over-Year (YoY) growth of 9.78% from the Rs. 4,426.26 crore revenue reported for Q4 of FY-22.
Consolidated Q4 PAT of the company in FY-23 was Rs. 358.04 crore, which is marginally higher by 1.58% from Rs. 352.48 crore reported by Havells in Q4 FY-22.
Earnings Per equity Share (EPS) was Rs. 5.71 in the last quarter of FY-23 from Rs. 5.63 reported for Q4 of FY-22, thereby reflecting a meagre increase of 1.42%.
For the entire 2022-23 financial year, Havells reported a revenue of Rs. 16,910.73 crore from its operations. This exhibits a healthy growth of 21.32% from its Rs. 13,938.48 crore revenue for FY-22.
Annual PAT of the company showed a contrasting trend, slumping by 10.43% to Rs. 1,071.73 crore in FY-23 from Rs. 1,196.47 crore during FY-22.
Annual EPS of the company also tumbled by 10.47% to Rs. 17.11 in FY-23 from Rs. 19.11 in FY-22.
Comparison of Havells’ Financials on QoQ Basis: Q3 FY-23 vs. Q4 FY-23
On a Quarter-over-Quarter (QoQ) basis, Havells’ revenue from operations rose by 17.73% from Rs. 4,127.57 crore, which was clocked during the quarter ended 31st December 2022.
The company’s PAT saw an impressive QoQ increase of 26.28% from Rs. 283.52 crore profit earned during the quarter ended 31st December 2022.
Further, from Q3 to Q4 of FY-23, the company’s EPS rose substantially by 26.05% from Rs. 4.53.
Analysis of Havells’ Segment-Wise Revenue
Switchgear: Havells’ switchgear segment saw a substantial 26.66% increase in Q4 revenue on a YoY basis. The company reported Rs. 601.03 crore as its revenue from this segment for the quarter ended 31st March 2023 as against Rs. 474 .51 crore clocked during the corresponding quarter of the 2021-22 fiscal.
For the entire financial year, Havells’ revenue from its switchgear business was Rs. 2,120.19 crore during FY-23, which is 18.05% higher than the Rs. 1,795.97 crore switchgear revenue earned by the company in FY-22.
Cables: Revenue from cables constitute a major share of Havells India’s total revenue. This segment accounted for 32.27% of the company’s Q4 revenue, and 32.71% of its annual revenue in FY-23.
For Q4 FY 23, the company clocked Rs. 1,568.15 crore from this segment, which reflects a moderate YoY growth of 5.38% from the Rs. 1,488.10 crore cable revenue earned in Q4 of FY-22.
Moreover, the company reported Rs. 5,532.60 crore as its revenue from this segment during the entire FY-23 – YoY growth of 19.11% from its Rs. 4,645.08 crore cable segment revenue for FY-22.
Lightings & Fixtures: During the closing quarter of FY-23, Havells earned Rs. 415.95 crore as revenue from its lightings & fixtures segment. This exhibits a marginal increase of 2.65% from its Rs. 405.23 crore revenue clocked from this segment in Q4 of FY-22.
For the recently concluded FY-23, Havells’ segmental revenue from its lighting and fixture business stood at Rs. 1,614.54 crore, which is up by a healthy 16.02% from its Rs. 1,391.60 crore revenue earned during FY-22.
Electrical Consumer Durables: Q4 revenue from Havells’ electrical consumer durables business plummeted YoY by 14.12% to Rs. 749.45 crore in FY-23 from Rs. 872.72 crore in FY-22.
Considering the whole year, revenue from this segment showed a slight growth of 7.30% to Rs. 3,298.21 crore in FY 2022-23 as compared to Rs. 3,073.94 crore in FY-22.
Lloyd Consumer: Havells’ Lloyd Consumer segment registered the most remarkable growth in revenue as compared to its other business segments.
In the last quarter of 2022-23 fiscal, the company’s Lloyd sub-brand brought in Rs. 1,271.02 crore as revenue, which shows a remarkable jump of 32.46% from the Rs. 959.58 crore segmental top-line reported for Q4 of FY-22.
Considering the entire fiscal, Lloyd’s revenue shot up impressively by 49.35% to Rs. 3,394.92 crore during FY-23 from Rs. 2,273.16 crore during the year ended 31st March 2022.
Others: This segment comprises some of Havells India’s other products, for instance, motors, water pumps, and purifiers.
During the fourth quarter of FY-23, Havells clocked Rs. 253.61 crore from this segment, which is 12.16% higher than the Rs. 226.12 revenue from this segment which was reported for Q4 of FY-22.
Moreover, for the year ended 31st March 2023, Havells registered Rs. 950.27 crore as its consolidated revenue from this segment. This figure reflects a noteworthy growth of 25.24% from the company’s Rs. 758.73 crore revenue from this segment earned in FY-22.
Summary of Havells India’s Financial Results
In an official update about the Q4 FY-23 financial results, Havells stated that one of the challenges faced by the company is the sluggish demand from consumers. However, demand from B2B channels has exhibited a steady trend, owing to infrastructural projects.
Havells acknowledged that the performance of its sub-brand Lloyd has aided in maintaining the company’s financial momentum.
About 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. 13,889 crore for FY-22. Its product range includes Industrial & Domestic Circuit Protection Switchgear, Modular Switches, Cables & Wires, Fans, Power Capacitors, and Luminaires for Domestic, Commercial & Industrial applications, Water Heaters, Motors, and Domestic Appliances.
