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Revenue
₹4,834 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Havells India reported a muted Q1 FY24, with consumer demand impacted by unseasonal weather, though B2B and Lloyd segments showed healthy growth. Cables and wires volume grew over 30%, while lighting saw mid-single-digit growth. Lloyd gained market share in air conditioners, but margins were pressured by under-absorbed manufacturing overheads. Management expects demand recovery in H2, driven by improving rural sentiment and infrastructure spending. Margins should benefit from stabilizing raw material costs and operating leverage. Key risks include sustained competitive intensity in ECD and LED deflation. The company maintained its INR 600 crore CapEx guidance for FY24, with a new cable plant in Karnataka expected by year-end. Lloyd's journey toward profitability remains a multi-year endeavor, with brand investments continuing.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed the CapEx guidance of INR 600 crore for FY24, with a skew toward Havells segments due to the new cable plant in Karnataka.
- The greenfield cable and wire plant in Karnataka is expected to be commissioned around the end of this financial year.
- Management expects Lloyd's margins to improve in the second half of the year as raw material costs stabilize and sales volumes increase.
Risks flagged
- Increased competition in the ECD segment, especially in fans and appliances, could pressure margins and market share.
- Continued deflation in LED prices, driven by global oversupply, may compress lighting segment margins despite volume growth.
- Rural demand has not picked up as anticipated, and a delayed recovery could impact B2C segments like fans and lighting.
Key quotes
- Overall, I would say consumer demand has been muted, partly due to unseasonal weather, which impacted B2C business.
- Volume growth of cables and wires has been more than 30%, and in case of lighting, it's around mid-single digits, about 6%-8%.
- Lloyd's journey is to become a mass premium player as system have this.
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