Promises
1 promise
Promise Tracker
0 delivered, 0 close, 1 missed.
View Promises →
Havells India Limited — Q2 FY24
Havells India reported a mixed Q2 FY24 with soft consumer demand but healthy B2B growth in industrial switchgears, traditional lighting, and power cables.
neutral
medium
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Havells India reported a mixed Q2 FY24 with soft consumer demand but healthy B2B growth in industrial switchgears, traditional lighting, and power cables. Lloyd maintained growth momentum, though losses expanded due to under-absorption in new capacity. Lighting saw double-digit volume growth offset by price deflation. The festive calendar shift pushed some consumer demand to Q3. Management remains positive on H2 recovery driven by festive season and stabilizing commodity prices. Contribution margins improved YoY across segments. Key risks include sustained consumer weakness and competitive intensity in ECD. Cables volume growth of 10%, Lloyd AC 50% of revenue, CapEx of INR 600 crore for FY24, and 25% cable capacity expansion are notable figures.
हैवेल्स इंडिया ने दूसरी तिमाही में मिला-जुला प्रदर्शन दिखाया। आम ग्राहकों की मांग कमजोर रही, लेकिन उद्योगों को बिजली के उपकरण, पारंपरिक लाइट और बिजली के तारों की बिक्री अच्छी रही। लॉयड का कारोबार बढ़ा, लेकिन नई फैक्ट्री की लागत पूरी न भरने से घाटा बढ़ा। लाइट की बिक्री मात्रा में दोगुनी बढ़ोतरी हुई, लेकिन कीमतें गिरने से फायदा कम हुआ। त्योहारों की वजह से कुछ मांग तीसरी तिमाही में आएगी। कंपनी को उम्मीद है कि त्योहारी सीजन और स्थिर कीमतों से दूसरी छमाही में सुधार होगा। मुनाफा पिछले साल से बेहतर है। जोखिम में कमजोर मांग और मुकाबला शामिल है। अहम आंकड़े: तारों की बिक्री 10% बढ़ी, लॉयड एसी से 50% कमाई, इस साल 600 करोड़ रुपये निवेश, और तारों की क्षमता 25% बढ़ाने की योजना।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Sustained consumer demand weakness
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Cables volume growth
10%
+10% YoY
Volume growth in wires and cables segment, driven by domestic wire and industrial cable demand.
Lloyd AC revenue share
50%
flat YoY
Air conditioners contributed 50% of Lloyd's revenue in Q2, with the rest from washing machines and refrigerators.
CapEx for FY24
INR 600 crore
N/A
Capital expenditure guidance for the current fiscal year, primarily for cable and Lloyd capacity expansion.
Cable capacity expansion
25%
+25%
Planned expansion in cable manufacturing capacity to address current constraints and meet growing demand.
What Changed vs Last Quarter
NEW
Lloyd margin improvement expected in H2
Management expects Lloyd's margins to improve in the second half as new capacity ramps up and seasonality benefits kick in.
NEW
Cable capacity expansion of 25%
Cable manufacturing capacity will be expanded by 25% to address current constraints and support growth.
UPDATED
CapEx of INR 600 crore for FY24
Management guided capital expenditure of INR 600 crore for the current fiscal year, primarily for cable and Lloyd capacity expansion.
DROPPED
New cable plant commissioning by end of FY24
The greenfield cable and wire plant in Karnataka is expected to be commissioned around the end of this financial year.
DROPPED
Lloyd margins to improve in H2
Management expects Lloyd's margins to improve in the second half of the year as raw material costs stabilize and sales volumes increase.
NEW RISK
Sustained consumer demand weakness
Consumer demand remained soft in Q2, and if the anticipated H2 recovery does not materialize, revenue growth could disappoint.
NEW RISK
Lloyd losses and margin pressure
Lloyd's losses expanded due to under-absorption of overheads from new capacity; margin improvement may be slower than expected.
NEW RISK
Capacity constraints in cables
Cable capacity constraints limited growth; if expansion is delayed, Havells may lose market share to competitors.
RISK GONE
LED deflation impacting lighting margins
Continued deflation in LED prices, driven by global oversupply, may compress lighting segment margins despite volume growth.
RISK GONE
Rural demand recovery slower than expected
Rural demand has not picked up as anticipated, and a delayed recovery could impact B2C segments like fans and lighting.
Fast read
Guidance and risk preview
Management guided capital expenditure of INR 600 crore for the current fiscal year, primarily for cable and Lloyd capacity expansion.
Consumer demand remained soft in Q2, and if the anticipated H2 recovery does not materialize, revenue growth could disappoint.
View Risks →