Havells India Q3 Results Review - Summer Products To Drive Demand Revival; Reiterate 'Buy': Yes Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.Havells India Ltd. growth has been lower as consumer demand continues to remain subdued off setting strong growth in business-to-business categories. All business-to-consumer categories have posted muted low single digit growth, while B2B categories like cables and professional lighting continues to see strong traction. Gross margins continue to improve on back of stable commodity prices, while higher advertising and promotion spends have resulted lower Ebitda margins..We are factoring FY23-26E revenue/Ebitda/profit after tax compound annual growth rate of 12%/21%/23%. We have marginally lowered our margin estimates as company will not shy away from making brand investments in Lloyds as company believes there is sustainable growth opportunities in the longer term which company wants to take advantage. We reiterate our 'Buy' rating with target price to Rs 1,597 valuing the stock at 50 times on FY26 earning per share. We foresee gradual improvement in demand from Q4 as its growth drivers like real-estate continues to see demand traction and private capex activity is expected to pick up steam with continued strong government capex..Click on the attachment to read the full report:.Tech Mahindra Q3 Results Review - Margin Expected To Improve In Coming Quarters: IDBI Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Havells India Q3 Results Review - Summer Products To Drive Demand Revival; Reiterate 'Buy': Yes Securities

Havells delivered lower than expected revenue growth as business to consumer demand has been continues to remain sluggish offsetting strong growth in business to business categories.

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Havells India Q3 Results Review - Summer Products To Drive Demand Revival; Reiterate 'Buy': Yes Securities

Havells delivered lower than expected revenue growth as business to consumer demand has been continues to remain sluggish offsetting strong growth in business to business categories.

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