Havells India Q3 PAT down 7% YoY; Lloyd Consumer revenue at Rs 607 crore

Havells India reported 7% drop in standalone net profit to Rs 284 crore despite a 13% increase in net revenue to Rs 4,120 crore in Q3 FY23 over Q3 FY22.

On the segmental front, revenue of Switchgears was Rs 514 crore (up 3.7% YoY), Cable business revenue was Rs 1,412 crore (up 17.1% YoY), Lighting & Fixtures revenue was Rs 420 crore (up 3% YoY), revenue from Electrical Consumer Durables was Rs 935 crore (up 4.7% YoY) and Other revenue was Rs 232 crore (up 25.9% YoY) during the period under review.

Lloyd Consumer recorded revenue of Rs 607 crore in Q3 FY23, which is higher by 30.3% as compared with Rs 466 crore in Q3 FY22.

EBITDA fell by 4% to Rs 424 crore in Q3 FY23 from Rs 440 crore in Q3 FY22. EBITDA margin was 10.3% in Q3 FY23 as against 12.1% in Q3 FY22.

The company accelerated its investments on brand with spend of Rs 128 crore as against Rs 100 crore in Q3 FY22.

Profit before tax in third quarter stood at Rs 382 crore, down by 7% from Rs 411 crore recorded in the same period last year.

The company said that the subdued retail demand impacted consumer facing businesses. The B2B businesses did well, supported by demand in Industrial & Infra segments. Channel pickup in Lloyd remained encouraging for the upcoming season.

It further added that Cable margins recovered post liquidation of high-cost inventory. Margin expansion across segments benefited from stability in raw material prices in the third quarter and they should improve further in Q4. Lloyd, however, continues to hold high-cost inventory.

Havells India is a leading fast moving electrical goods (FMEG) company and a major power distribution equipment manufacturer with a strong global presence.

The scrip rose 0.52% to end at Rs 1208.55 on the BSE today.

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