Consumer electrical goods maker Havells India reported its third quarter profit for the financial year 2023-24 at Rs 287.91 crore, up 1.5 per cent in comparison to Rs 283.52 crore during the same period last year. It posted revenue from operations at Rs 4,413.86 crore, up 6.9 per cent as against Rs 4,127.57 crore during the third quarter of FY23. While the company posted total income during the quarter in review at Rs 4,469.75 crore, total expenses incurred during the quarter was at Rs 4,079.02 crore.
The Board of Directors also declared an interim dividend of Rs 3.00 per Equity Share of Re 1 each, i.e., at 300 per cent on the equity share capital of the company. The same shall be payable to all those shareholders whose names appear in the Register of Members as on the record date i.e. 01.02.2024. The dividend shall be paid/ dispatched to the shareholders on or before 30 days from the date of its declaration i.e. on or before 21st February, 2024, it said.
Havells stated that the consumer demand continues to be subdued even as recent trends suggest some recovery. It also said that the advertising and sales promotion spends were higher amid festive season which put pressure on the margins. Further, cable and wire continued to deliver healthy growth and benefited from infrastructure demand.
Havells’ switchgears segment recorded Q3 revenue at Rs 520.58 crore, its cables business posted revenue of Rs 1,572.69 crore, the lighting & fixtures segment reported Q3 revenue at Rs 433.50 crore. The company’s electrical consumer durables segment posted revenue of Rs 961.53 crore and the Lloyd Consumer recorded a revenue of Rs 656.10 crore during the quarter. The ECD segment showed muted growth as the festive gains were offset by fans high base. In a statement, the company stated that while it posted healthy growth in professional lighting, consumer lighting was still impacted by LED price deflation.