Havells Q3 results: Net profit inches up 1.5% at Rs 287.9 crore

Consumer electrical goods maker Havells India Ltd on Tuesday reported a marginal 1.54 per cent rise in its consolidated net profit to Rs 287.91 crore for the third quarter ended December 2023.

The company had posted a consolidated net profit of Rs 283.52 crore in the October-December quarter a year ago, according to a regulatory filing from Havells India.

Its revenue from operations increased 6.93 per cent to Rs 4,413.86 crore during the period under review. It was Rs 4,127.57 crore in the corresponding quarter last fiscal. Havells India's total expenses rose 7.74 per cent to Rs 4,079.02 crore in the December quarter. The total income inched up 7.26 per cent at Rs 4,469.75 crore.

During the quarter, "consumer demand continues to be subdued, though recent trends suggest some recovery", said Havells in an earning presentation. However, infrastructure-led demand remains robust, supporting Cables and Professional Lighting business of the company, it added.

Moreover, in the December quarter, advertising and sales promotion spends were higher amid festive season, it added. Havells' revenue from the switchgears segment in the December quarter rose 1.21 per cent to Rs 520.58 crore.

Its revenue from cables segment surged 11.36 per cent to Rs 1,572.69 crore against Rs 141,214 crore a year ago. Revenue from lighting and fixtures was up 2.44 per cent at Rs 433.50 crore in the December quarter. 

Electrical consumer durables (ECD) increased slightly by 2.75 per cent to Rs 961.53 crore in the third quarter of FY24. Revenue from Lloyd Consumer, which Havells acquired in 2017, rose 7.5 per cent to Rs 656.10 crore.

Revenue from ‘Other Segment' surged 16.21 per cent to Rs 269.46 crore in the December 2023 quarter. Meanwhile, in a separate filing, Havells informed that its board in a meeting held on Tuesday declared an interim dividend of 300 per cent, which is Rs 3 per equity share of Re 1.

Shares of Havells India Ltd on Tuesday settled at Rs 1,312.80 on BSE, down 4.39 per cent from the previous close.

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