Healthy growth in cables and Lloyd; ECD and lighting subdued

Company
25 Jan 2024
5 Min read 
  • Havells India reported lower-than-expected margins due to higher ad spending and adverse product mix.
  •  The company expects a positive impact on the summer season and foresees the realization of deferred purchases in the B2C category.
  •  It does not anticipate any price increases in AC and fan product categories.
  •  The company remains positive on Havells India due to its diversified product portfolio and brand building efforts.
  •  EPS estimates for FY24/FY25/FY26 have been revised lower due to lower margins in the ECD/Lighting segments.
  •  The target price for Havells India is INR1,510, based on 50x FY26E EPS.
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