Q1 results: Havells feels the heat of weak demand, stock falls over 4%

Growth moderates in cables, lighting; poor show in switchgear and Lloyd business

Havells lost 4.7 per cent on the bourses on Monday after it posted a muted June quarter performance. The company felt the heat of the ongoing slowdown in demand for most of its segments. Demand, according to the company, continues to be weak, aggravated by real estate slowdown, liquidity squeeze, and delays in projects.

The switchgear segment, which accounts for about a fifth to revenue (excluding Lloyd), saw flattish returns, given the lower demand from the construction sector, especially project offtake. The slowdown in these sectors started in November last year but has intensified since then.

The cable segment, which