Havells India Q2 net rises 17% to Rs 171 cr

Net sales during the quarter under review stood at Rs 1,777 cr

Consumer electrical goods maker Havells India on Monday reported a standalone net profit of Rs 171.02 crore for the quarter ended September 30, 2017, on account of higher income.

The company had posted a net profit of Rs 145.79 crore during the same period previous fiscal, Havells India said in a regulatory filing.

The company said the results are not comparable as it had acquired the consumer durables business of Lloyd Electric and Engineering. The latest figures include the concerned business.

Net sales during the quarter under review stood at Rs 1,777.36 crore against Rs 1,559.33 crore in the year-ago period.

Havells India had acquired the consumer durables business of the Lloyd Electric and Engineering for an enterprise value of Rs 1,600 crore in February.

"GST with high tax rates on electrical products continues to disrupt demand scenario with muted consumer offtake and delayed restocking at channel," Havells India Chairman and Managing Director Anil Rai Gupta said.

He further said the GST transition has been well consummated at dealer and vendor platform.

Revenue from cable business during the period stood at Rs 569.34 crore while electrical consumer durable business revenue was 321.55 crore.

Revenue from switchgear was 329.85 crore whereas lighting and fixtures contributed 286.81 crore during the quarter.