Havells Q2 net profit dips 38% to Rs 187 cr, revenue rises 13.6%

Havells India Ltd reported a 38.15 per cent decline in its consolidated net profit to Rs 187.01 crore for the second quarter ended on September 30, 2022, as commodity inflation hit its margins

Havells India Ltd on Wednesday reported a 38.15 per cent decline in its consolidated net profit to Rs 187.01 crore for the second quarter ended on September 30, 2022, as commodity inflation hit its margins.

The consumer electrical goods maker company had posted a consolidated net profit of Rs 302.39 crore in the July-September quarter a year ago, Havells said in a regulatory filing.

Havells' revenue from operations rose by 13.63 per cent to Rs 3,679.49 crore during the period under review as against Rs 3,238.04 crore in the corresponding period last fiscal.

Its total expenses were at Rs 3,471.57 crore, up 21.10 per cent during the second quarter of FY 2022-23 as against Rs 2,866.54 crore.

Havells India Chairman and Managing Director Anil Rai Gupta said: "Decent revenue growth considering the inflationary environment. Margins adversely impacted due to commodity cost fluctuation."

"We believe that margins have hit the trough and are expected to improve hereon. The demand outlook remains positive, he added.

Revenue from the Switchgears segment was Rs 487.90 crore and Rs 1,359.39 crore from the cables segment.

Havells' revenue from lighting and fixtures in the second quarter of FY23 was at Rs 401.75 crore. Its revenue from Electrical Consumer Durables was at Rs 773.47 crore.

Revenue from Lloyd Consumer, a company which Havells had acquired in 2017, was at Rs 419.79 crore.

Shares of Havells India Ltd on Wednesday settled at Rs 1,248.35 apiece on BSE, down 0.69 per cent.