The home appliance company’s standalone net profit jumped 43.08% to Rs 411.18 crore on 20.2% increase in net revenue to Rs 5,798.11 crore in Q1 FY25 over Q1 FY24.
Profit before tax stood at Rs 552.67 crore in first quarter of FY25, up 44.55% YoY from Rs 382.33 posted in same quarter last year.
During the quarter, EBITDA climbed 43% to Rs 576 crore as against Rs 402 crore reported in Q1 FY24. EBITDA margin increased to 9.9% in June 2024 quarter as compared to 8.3% registered in the same period last year.
The company stated that robust growth was driven by strong summer drives; industrial & infrastructure continue to perform well, albeit some impact due to elections; demand outlook positive with some uptick in consumer trends and investment in brand building continues with 3% of revenue spent on advertising & sales promotion.
Revenue from Cable business was at Rs 1,521 crore (up 2% YoY), revenue from Electrical Consumer Durables stood at Rs 1,055 crore (up 20% YoY), Switchgears revenue stood at Rs 576 crore (up 6% YoY), Lighting & Fixtures revenue came in at Rs 386 crore (up 5% YoY) and other revenue was Rs 336 crore (up 36% YoY) during the period under review.
Revenue from Lloyd Consumer rose 47% YoY to Rs 1,924 crore in the quarter ended 30 June 2024.
Havells stated that domestic growth in Switchgears at 12% YoY, however certain export orders shifted to next quarter, healthy growth in power cables despite capacity constraints however; wires revenue impacted by channel destocking with sharp decline in commodity price in June 2024; strong volume growth in lighting, while price deflation continues to erode volume gains.
Robust performance by fans & small domestic appliances supported by favourable season & premiumization with new launches; Emerging categories in others segment continue to improve scale and strong start to the year for AC as Lloyd captured market opportunity leveraging its large manufacturing capacity; non-AC grows in tandem, it added.
Lastly, the consumer electronics maker informed that Switchgears margin impacted by lag in passing on the impact of cost increase and realisation of benefits from cost saving initiatives driving Lloyd profitability.
Havells India is a leading fast moving electrical goods (FMEG) company and a major power distribution equipment manufacturer with a strong global presence.
The scrip declined 0.17% to currently trade at Rs 1,873.25 on the BSE.
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First Published: Jul 18 2024 | 3:19 PM IST
