Havells India Ltd on Thursday posted its fiscal first quarter profit at Rs 287.38 crore, up 18.5 per cent in comparison to Rs 242.43 crore during the first quarter of FY23, missing estimates. According to CNBC TV18, Havells was expected to record Q1 profit at Rs 324.3 crore. It posted revenue from operations at Rs 4,823.70 crore, up 14 per cent on-year as against Rs 4,230.14 crore in the corresponding quarter of last year. The company said that the quarter results were impacted by sluggish consumer demand, however it seems to pick up lately. Havells said cooling products were impacted by unseasonal rains even as the overall margin remained steady. The company EBITDA stood at Rs 402.4 crore. EBITDA margin contracted 20 bps to 8.3 per cent against 8.5 per cent in Q1FY23.
Havells posted total income during the quarter at Rs 4,888.39 crore, up 14.3 per cent from Rs 4,277.12 crore during the first quarter of FY23. However, the total expenses for the quarter stood at Rs 4,506.06 crore, up 14.1 per cent in comparison to Rs 3,950.57 crore in Q1FY23.
Havells India’s segment wise performance
In terms of revenue generation across segments, Havells India posted a revenue of Rs 540.74 crore in its switchgears segment as against Rs 516.93 crore in the corresponding quarter last year. “Normalization in channel inventory in switchgear posted a strong 27 per cent revenue growth in Q4,” it said. The cables segment posted a revenue of Rs 1,485.1 8 crore, up 24.5 per cent as against Rs 1,192.92 crore in Q1FY23. Lighting & fixtures segment accounted for a revenue generation of Rs 366.99 crore during the quarter. Electrical consumer durables revenue stood at Rs 877.04 crore, up 4.5 per cent from Rs 839.55 crore in the first quarter of last year, while the disrupted summer, it said, impacted fan sales. Meanwhile, Lloyd consumer posted revenue at Rs 1,310.92 crore growing by 19.9 per cent on-year, despite unfavourable season.
Havells India maintained that while the overall margins maintained on yea-on-year basis, softening of commodity prices was not fully reflected in the performance. Lighting margins, it added, were impacted owing to low value growth and price erosion.