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Sustained competitive intensity in ECD
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Havells India Limited — Q1 FY24
Havells India reported a muted Q1 FY24, with consumer demand impacted by unseasonal weather, though B2B and Lloyd segments showed healthy growth.
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Havells India reported a muted Q1 FY24, with consumer demand impacted by unseasonal weather, though B2B and Lloyd segments showed healthy growth. Cables and wires volume grew over 30%, while lighting saw mid-single-digit growth. Lloyd gained market share in air conditioners, but margins were pressured by under-absorbed manufacturing overheads. Management expects demand recovery in H2, driven by improving rural sentiment and infrastructure spending. Margins should benefit from stabilizing raw material costs and operating leverage. Key risks include sustained competitive intensity in ECD and LED deflation. The company maintained its INR 600 crore CapEx guidance for FY24, with a new cable plant in Karnataka expected by year-end. Lloyd's journey toward profitability remains a multi-year endeavor, with brand investments continuing.
हैवेल्स इंडिया ने पहली तिमाही में कमजोर प्रदर्शन दिखाया। मौसम खराब होने से लोगों ने कम खरीदारी की, लेकिन कंपनी का बिजनेस-टू-बिजनेस और लॉयड ब्रांड अच्छा रहा। तार और केबल की बिक्री 30% से ज्यादा बढ़ी, जबकि लाइटिंग में थोड़ी बढ़त हुई। लॉयड ने एसी बाजार में हिस्सेदारी बढ़ाई, लेकिन फैक्ट्री खर्च ज्यादा होने से मुनाफा कम रहा। कंपनी को उम्मीद है कि गांवों में मांग बढ़ने और सरकारी खर्च से दूसरी छमाही में कारोबार सुधरेगा। कच्चे माल की कीमतें स्थिर होने से मुनाफा बढ़ेगा। कंपनी ने इस साल 600 करोड़ रुपये निवेश का लक्ष्य रखा है, जिसमें कर्नाटक में नया केबल प्लांट शामिल है। लॉयड को मुनाफे में लाने में कई साल लगेंगे।
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Cables & Wires Volume Growth
>30%
+30% YoY
Volume growth in cables and wires exceeded 30% year-over-year, driven by strong infrastructure demand.
Lighting Volume Growth
6-8%
+6-8% YoY
Lighting volume grew mid-single digits, impacted by LED deflation and muted consumer demand.
BLDC Fan Share
15%
N/A
BLDC fans constitute 15% of Havells' overall fan portfolio, reflecting premium product focus.
CapEx Guidance FY24
INR 600 crore
N/A
Havells maintained its CapEx guidance of INR 600 crore for FY24, with a skew toward Havells segments.
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Management confirmed the CapEx guidance of INR 600 crore for FY24, with a skew toward Havells segments due to the new cable plant in Karnataka.
Increased competition in the ECD segment, especially in fans and appliances, could pressure margins and market share.
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