Havell's up on better financials

DALAL STREET SPIKES

Electrical equipment maker Havell's India moved up 9.5 per cent on Monday to Rs 526.65 on reports of better financial performance in FY 06. Monday's turnover at the BSE was 26,000 shares against a normal 15,000.

The company has reportedly set a target of doubling its net sales of Rs 1,003.69 crore in FY06 to over Rs 2,000 crore in FY07. Its FY06 net profit was Rs 63.21 crore, up 107 per cent over the previous one.

For the March quarter, Havell's reported 95 per cent growth in net profit to Rs 20.31 crore. Sales increased by 105 per cent to Rs 356.48 crore.

Havell's has a strong market-share in the compact fluorescent lamps (CFL) business in the country, though its marketshare has eroded due to cheaper Chinese imports. Consumer electrical business currently contributes 25 per cent to the company's turnover.