Electrical equipment maker Havells India Ltd.'s fourth-quarter profit surged, beating analysts' estimates. The consumer electronic producer's net profit rose 24.8% year-on-year to Rs 447 crore in the quarter-ended March 31, 2024, according to an exchange filing on Tuesday.
That compares with the Rs 401-crore consensus estimate of analysts polled by Bloomberg.
Revenue from operations rose 12% to Rs 5,442 crore during the period.
Havells India Q4 Results Highlights (Consolidated, YoY)
Revenue up 12% to Rs 5,442 crore (Bloomberg estimate: Rs 5,495 crore).
Ebitda rose 20.4% to Rs 635 crore (Bloomberg estimate: Rs 570 crore).
Ebitda margin expands 81 basis points to 11.66% (Bloomberg estimate: 10.4%).
Net profit up 24.8% at Rs 447 crore (Bloomberg estimate: Rs 401 crore).
The board of directors recommended a final dividend of Rs 6 per equity share for FY24. This is in addition to the interim dividend declared during FY24 of Rs 3 per share.
Growth Drivers
The season for AC sales started on a positive note led by southern markets, where sales typically begin in mid-February, it said.
Some early signs of benefit from real estate uptick were also visible.
Continued industrial and infrastructure-led demand drove B2B revenue.
Cost saving and business efficiency measures in Lloyd led to improved margin.
Segmental Revenue
Switchgear is seen to deliver decent growth despite a higher base. Cables and wires maintained growth momentum, with continued infrastructure-led demand, while growth in electrical consumer durables is seen to be driven by summer-led demand, according to the company.
Shares of Havells India were trading 1.32% higher as of 3:30 p.m., as compared with a 0.17% fall in the Nifty 50.
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