Havells India Q3 net dips 7.3% to Rs 283.52 cr on higher raw material costs

Electrical appliances maker Havells India Ltd on Thursday reported a 7.3 per cent decline in consolidated net profit to Rs 283.52 crore for the third quarter ended December 31, 2022, on account of higher raw material costs.

The company had posted a consolidated net profit of Rs 305.82 crore in the same quarter last fiscal, Havells India said in a regulatory filing.

Its consolidated revenue from operations during the quarter under review stood at Rs 4,127.57 crore against Rs 3,664.21 crore in the year-ago period, it added.

The cost of raw materials and components consumed stood at Rs 2,321.99 crore compared to Rs 2,089.59 crore in the year-ago period, the company said.

Havells India Chairman and Managing Director Anil Rai Gupta said there was steady revenue growth amid moderating consumer demand in an inflationary environment.

"Margins witnessed improvements on the back of stability of raw material prices during the quarter. With continued investment in technology, consumer journey and talent, we are positively disposed towards revenue growth and profitability," he added.