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Revenue
₹4,414 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
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Quarter read
What the record says.
Havells India reported a mixed Q3 FY24 with muted consumer demand offset by sustained B2B infrastructure spends. Lighting delivered strong volume growth but value was impacted by price deflation; margins improved 153bps YoY due to normalization after a fire incident. The ECD segment saw muted growth due to a high base in fans, while Lloyd posted 18% two-year CAGR and gained market share, though A&P spends weighed on segment profitability. Management noted green shoots in B2C demand and expects a strong summer season given low channel inventory. Key risks include persistent price erosion in lighting and competitive intensity in RAC. The company formed a US subsidiary for HVAC distribution, signaling long-term export ambitions.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects B2C demand to improve due to low base and abating inflation, with a strong summer season for fans and ACs.
- Lloyd's profitability will improve through multiple cost levers including procurement efficiency, plant optimization, and premiumization.
- Havells is investing INR 300 crore to increase underground cable capacity by 25%, with a new plant in the south.
Risks flagged
- Despite strong volume growth, price erosion in lighting has led to value degrowth, which may persist if competition intensifies.
- Analysts repeatedly questioned Lloyd's margin trajectory; management deflected with long-term commentary, indicating near-term visibility is low.
- New capacities from multiple players and PLI incentives could lead to pricing pressure, though management downplayed this risk.
Key quotes
- We are now part of the top four in this, as our chairman just sort of elaborated, that the market is getting consolidated in terms of the larger players.
- Let's not measure them in few quarters here and there. You see, we are here for long term.
- I think the price war is something like a war cry you are mentioning like. But I-we do not believe-I think everybody is positioning their product with the consumer on certain basis.
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