Havells' consolidated net revenue up by 4.7 percent in 2014-15

Fast moving electrical goods company Havells India Ltd on Monday said its consolidated net revenue in 2014-2015 rose by 4.7 percent at Rs.8,569.4 crore against Rs. 8,185.8 crore in 2013-14.

The net consolidated profit during the period under review stood at Rs.385.4 crore.

"There was an increase in pension liability in Sylvania (a subsidiary company) that has led to decline in profitability," the company said in a statement.

Its standalone net revenues in 2014-15 increased 11 percent at Rs.5,238.7 crore compared to Rs. 4,719.7 crore in the corresponding period of the previous fiscal.

The standalone net profit, however, remained almost flat at Rs.464.9 crore. "This was due to increase in tax rate and tax rebate at certain manufacturing plants got expired or reduced," the company said.

During the period, its switchgear division grew by 5 percent to Rs.1,279 crore against Rs. 1,219.2 crore in 2013-14. The cable division also registered a growth of 14 percent at Rs.2,190.4 crore in 2014-15 compared to Rs.1,926.4 crore in 2013-14.

The sales under electronic and electrical consumer durables segment grew by 20 percent to Rs. 1,028.3 crore in the fiscal 2015 as compared to Rs.853.4 crore in 2014, the company said.

"Our growth this year has been almost the same as last year. We grew by 11 percent (standalone basis) and the macro environment has impacted both investment and industrial demand. During the year, we have focused on strengthening our connect with channel partners including last mile retailers and product portfolio rationalization.

"We continue to drive business with cost efficiencies, margin improvement and cash conservations," said the company's chairman and managing director Anil Rai Gupta.

The company said it has recently forayed into the solar lighting segment by acquiring a majority stake of 51 percent in Bengaluru-based Promptec Renewable Energy Solutions.