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Revenue
₹4,539 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Quarter read
What the record says.
Havells India reported a healthy Q2 FY25 performance driven by improved consumer demand and early festive season pickup. Revenue growth was supported by strong performance in wires, B2C segments, and emerging categories like personal grooming and water purifiers. However, EBITDA margins were impacted by volatility in commodity prices affecting cables and wires, and increased advertising spend due to the earlier Diwali. Management expects margin normalization from Q3 onwards. The new cables plant in Tumkur was commissioned, with an additional INR 450 crore capex committed for expansion. Lloyd delivered decent growth with non-AC products gaining traction. Key risks include sustained commodity price volatility and slower-than-expected recovery in industrial demand. Overall, the company remains cautiously optimistic about demand recovery but faces near-term margin headwinds.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects total CapEx of approximately INR 1,000 crore for FY25, with INR 350 crore already incurred in H1.
- Management expects cables and wires margins to return to normalized levels by Q4 FY25, assuming no further commodity volatility.
- Management expects lighting pricing to bottom out by Q4 FY25, with real growth returning in FY26.
- Management expects switchgear EBIT margins to remain in the 22-25% range over the medium term.
Risks flagged
- Fluctuations in copper and other raw material prices could continue to pressure cables and wires margins if volatility persists.
- Industrial switchgear and B2B segments are experiencing degrowth, and a delayed recovery could weigh on overall growth.
- Analyst raised concern that strong festive demand could be driven by channel restocking rather than end-consumer demand, which may not sustain.
- Employee costs have been rising 20-25% annually due to investments in R&D and channel expansion, which could pressure margins if revenue growth slows.
Key quotes
- A steep volatility in commodity prices impacted cables margin, as we saw absorption of high cost inventory against the falling raw material and sales prices during May to August 2024.
- We definitely see that we will be coming back to normalized margin levels, very soon.
- The third quarter pretty much towards normal, because, let's say maybe October is a bit affected, but November, December, we anticipate unless there's further volatility.
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