Commodity price volatility impacting margins
Fluctuations in copper and other raw material prices could continue to pressure cables and wires margins if volatility persists.
HAVELLS / Q2-FY25 / risks
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Havells India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Slow industrial demand recovery
Industrial switchgear and B2B segments are experiencing degrowth, and a delayed recovery could weigh on overall growth.
Festive demand may be restocking-led
Analyst raised concern that strong festive demand could be driven by channel restocking rather than end-consumer demand, which may not sustain.
Employee cost growth may persist
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.