Havells India shares slip nearly 2% after reporting 12% dip in Q3 net profit

Havells India Ltd shares tanked nearly 2% to Rs 1287.30 on the BSE at 09:25 am after reporting weak Q3 results.

The company reported a 12.7% drop in consolidated net profit to Rs 305.82 crore for the third quarter ended December 2021 on Thursday.

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Havells reported a consolidated net profit of Rs 350.14 crore in the October-December quarter of last year in a regulatory filing.

Its revenue from operations increased by 15.4% to Rs 3,664.21 crore in the fiscal year under review, compared to Rs 3,175.20 crore in the previous fiscal period.

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Commenting on the results, Havells India Chairman and Managing Director Anil Rai Gupta said, “Festive demand was encouraging. The last few weeks have seen the return of Covid-led anxiety in the demand markets but it seems that recovery could be swift. We remain positive on-demand resilience.”

Havells’ overall expenses in Q3/FY 2021-22 were Rs 3,302.50 crore, up 20.32% from Rs 2,744.72 crore the previous year.

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Switchgears revenue was Rs 495.97 crore, up 13.46% from Rs 437.12 crore in the October-December quarter of last year.

Its cables section was worth Rs 1,205.83 crore, a 33.22% increase over Rs 905.17 crore.

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Havells’ revenue from lighting and fixtures increased 13.86% to Rs 412.92 crore in Q3/FY2021-22, compared to Rs 362.64 crore in the previous year’s corresponding quarter.

While electrical consumer durables (ECD) increased 14.36% to Rs 895.53 crore from Rs 783.06 crore the previous year.

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However, revenue from Lloyd Consumer, a company bought by Havells in 2017, fell 8.16% to Rs 469.82 crore in the October-December quarter, compared to Rs 511.56 crore the previous year.

Havells’ income from the ‘Other Segment’ was Rs 184.14 crore, a 4.83% increase against Rs 175.65 crore.