Havells India Q3 net up 44%

Written by Agencies | New Delhi, January 29: | Updated: Jan 29 2008, 21:43pm hrs
Electricals and power equipment firm Havells India on Tuesday reported a 44 per cent increase in profit after tax in the third quarter ended December 31, 2007 at Rs 37 crore against Rs 25.8 crore in the corresponding period the previous year.

The company said its net revenue during the reviewed quarter increased by 37 per cent to Rs 534.6 crore as compared to Rs.300.9 crore in the year-ago period.

Commenting on the financial performance, Havells India Joint Managing Director said the company has been able to consolidate market share during the quarter and we are fast approaching the time when we would be able to fully leverage our business model.

We expect a healthy performance in the coming times to enhance the wealth for our varied stakeholders groups, he added.

Gupta said the company expected to post a healthy growth with its planned foray into new segments such as the electric motors, for which it is setting up a Rs 90-crore greenfield plant at Neemrana in Rajasthan. It will be operational by March this year.

During the period under review, switchgear sales grew 52 per cent to Rs.140.5 crore from Rs. 92.6 crore in the corresponding period a year ago.

The cable and wire business segment showed a growth of 28 per cent with Rs 241.4 crore against Rs 189 crore in the year-ago period.