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Revenue
₹3,900 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Havells India reported a mixed Q2 FY24 with soft consumer demand but healthy B2B growth in industrial switchgears, traditional lighting, and power cables. Lloyd maintained growth momentum, though losses expanded due to under-absorption in new capacity. Lighting saw double-digit volume growth offset by price deflation. The festive calendar shift pushed some consumer demand to Q3. Management remains positive on H2 recovery driven by festive season and stabilizing commodity prices. Contribution margins improved YoY across segments. Key risks include sustained consumer weakness and competitive intensity in ECD. Cables volume growth of 10%, Lloyd AC 50% of revenue, CapEx of INR 600 crore for FY24, and 25% cable capacity expansion are notable figures.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided capital expenditure of INR 600 crore for the current fiscal year, primarily for cable and Lloyd capacity expansion.
- Management expects Lloyd's margins to improve in the second half as new capacity ramps up and seasonality benefits kick in.
- Cable manufacturing capacity will be expanded by 25% to address current constraints and support growth.
Risks flagged
- Consumer demand remained soft in Q2, and if the anticipated H2 recovery does not materialize, revenue growth could disappoint.
- Lloyd's losses expanded due to under-absorption of overheads from new capacity; margin improvement may be slower than expected.
- Increased competition and discounting in the ECD segment, especially fans, could pressure margins and market share.
- Cable capacity constraints limited growth; if expansion is delayed, Havells may lose market share to competitors.
Key quotes
- Second quarter witnessed softness in the consumer demand. However, infrastructure and housing demand led to a healthy growth in B2B categories like industrial switchgears, traditional lighting, and power cables.
- Contribution margins improved across segments year-on-year. Commodity price normalization and product cost-led initiatives will drive further margin improvement.
- We do believe this is a huge opportunity for us to be a good player amongst the top two or three players in this category. We will continue to invest in this.
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