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Havells Q3 FY-24 Results: Revenue Up 7%, Cables Segment Grows 11% YoY

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Havells India Limited [NSE: HAVELLS, BOM: 517354], a major Indian manufacturer of cables & wires, FMEG appliances and switchgear, has announced its financial results for third quarter of FY-24.

Havells’ Q3 FY-24 Standalone Financial Figures

On a standalone basis, the company reported a revenue of Rs. 4,400.62 crore from operations, and corresponding Profit After Tax (PAT) of Rs. 287.87 crore for Q3 of FY-24.

Earnings Per Share (EPS) of the company were reported as Rs. 4.59 for the quarter ended 31st December 2023.

Havells India’s Consolidated Q3 FY-24 Financial Numbers

YoY Comparison of Havells’ Financial Results: Q3 FY-24 vs. Q3 FY-23

Comparison of Havells India’s Financials: Q3 FY23 vs Q3 FY24 vs Q2 FY24

Havells India recorded Rs. 4,413.86 crore as its consolidated revenue from operations for Q3 of FY-24. This shows a 6.94% Year-over-Year (YoY) increase from its Rs. 4,127.57 crore revenue, which was earned during Q3 of FY-23.

Consolidated PAT of the company grew slightly by 1.55% YoY to Rs. 287.91 crore in Q3 of FY-24 from Rs. 283.52 crore during Q3 of FY-23.

Proportionately, EPS of the company also exhibited a meagre increase to Rs. 4.59 for Q3 of FY-24 from Rs. 4.53 during Q3 of FY-23.

QoQ Comparison of Havells India’s Financial Figures: Q3 FY-24 vs. Q2 FY-24

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations increased by 13.17% from Rs. 3,900.33 crore which was clocked during Q2 of FY-24.

PAT of the company also showed an upward trend on QoQ basis, growing by 15.59% from Rs. 249.08 crore during the second quarter of FY-24.

Havells India’s Segment-Wise Financial Performance

YoY Comparison of Havells’ Segment-Wise Revenue: Q3 FY23 vs Q3 FY24

Cables: Havells reported Rs. 1,572.69 crore as revenue from Cables segment during Q3 of FY-24 against Rs. 1,412.14 crore in Q3 of FY-23. This represents a 11.37% YoY increase from FY-23 to FY-24.

Electrical Consumer Durables: The company’s Electrical Consumer Durables segment brought in a revenue of Rs. 961.53 crore in Q3 FY-24. This reflects a marginal increase of 2.75% YoY from this segment’s contribution of Rs. 935.74 crore to Havells’ Q3 FY-23 revenue.

Switchgear: Havells India’s revenue from its Switchgear business remained almost flat on a Year-over-Year (YoY) basis, increasing slightly by 1.22% to Rs. 520.58 crore in Q3 of FY-24 from Rs. 514.33 crore during Q3 of FY-23.

Lighting & Fixtures: The company earned Rs. 433.50 crore from its Lighting & Fixtures business in Q3 of FY-24 against Rs. 423.17 crore during Q3 of FY-23. This represents an YoY increase of 2.44% in this segment’s Q3 revenue.

Lloyd Consumer: The company attributed a revenue of Rs. 656.10 crore to its Lloyd Consumer business during Q3 of FY-24 as compared to Rs. 610.32 crore in Q3 FY-23. Thus, there has been a YoY increase of 7.50% in Havells’ Q3 revenue from this segment.

Other: This segment comprises Havells India’s other products such as motors, water pumps, and purifiers. Q3 revenue from this segment grew by 16.21% from FY23 to FY-24, to Rs. 269.46 crore from 231.87 crore.

Havells’ Share Prices 4.5% Down After Announcing Q3 FY-24 Results

Havells India’s share prices slumped by 4.50% after the company announced its financial results for Q3 FY-24.

Further, volume of share trades peaked at 12,86,000 after the company announced its Q3 FY-24 financial results against 1,50,000 trades on the previous trading day.

Insights of Havells Management on its Q3 FY-24 Financial Performance

Speaking about the company’s Q3 FY-24 results, Mr. Anil Rai Gupta, Chairman and Managing Director of Havells India Limited, said, ” Lighting delivered a strong volume growth in this quarter; however, price deflation continues to be a significant drag impacting the value growth. Small domestic appliances category benefitted with the festive demand”. He also expressed hope for the ECD segment to pick up in the approaching summer season, specifically mentioning the company’s expectations of an increased demand for fans.

Highlighting the capacity expansion, Mr. Gupta added that the company expects to increase its underground cable capacity, while domestic wires are also experiencing growth driven by market demand. Additionally, a new cable manufacturing facility is being constructed at Tumkur, Karnataka with an investment of about Rs. 300 crore to cater to the South Indian markets.

About Havells India: 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.