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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹5,442 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Havells India reported a decent Q4 FY24 with revenue growth driven by infrastructure demand and early summer. Fans saw robust growth post-BEE transition, while Lloyd's EBIT turned positive due to cost efficiencies and manufacturing scale, though AC sales grew only 6% amid industry growth of ~20%. Management remains bullish on core business growth, citing real estate pickup and summer momentum, but flagged raw material inflation as a near-term headwind. Key highlights: 18% volume growth in cables and wires, 65% capacity utilization at Lloyd's AC plants, INR 800 crore capex planned for FY25, and 15% volume growth in cables for FY24. Risks include commodity price pressure and competitive intensity in ACs.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for capital expenditure of approximately INR 800 crore in FY25, primarily for Havells core business, including cable capacity expansion.
- New cable capacity will be commissioned in June 2024, with benefits expected in the second half of FY25.
- Management indicated that price increases may be taken in Q1 FY25 across product categories due to rising raw material costs, but will balance growth and market share.
Risks flagged
- Rising commodity prices (copper, etc.) may compress margins if price hikes cannot be fully passed on, especially in competitive segments like fans and ACs.
- Lloyd's Q4 AC sales grew only 6% vs industry ~20%, raising concerns about market share erosion. Management attributed this to inventory normalization and a focus on sell-out, but the trend bears watching.
- Analyst noted that brands like GM, Goldmedal, Anchor are gaining traction, and Havells may have lost share in switches. Management claimed recent market share recovery, but competitive pressure remains.
Key quotes
- We have maintained that Lloyd is on a journey of growth, profitability, and market share.
- The company philosophy has always been not growth or profit, or it's always been growth and profit.
- We are not a company who believes in changing prices during the season time.
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