Havells Q1 Results Review: Yes Securities Upgrades Stock To 'Add', Revises Target Price

In medium to long term basis, the brokerage foresees Havells to continue commanding higher valuation as company embarks on its journey to improve its margin in its core Havells back to its historic high levels. Lloyds margins will be boosted by higher operating leverage and strategic initiatives that company is undertaking to get its cost structure. In medium to long term, we believe Havells should be bought on dips.

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Yes Securities Report

We upgrade Havells India Ltd.'s stock to Add with revised target price of Rs 1,716 as we believe worst in terms of B2C demand challenges is behind and expect real estate demand to bounce back with improved sentiments for festive demand.

We continue to value Havells at 50 times as company has not seen material deterioration in contribution margins and operating margins will bounce back as volume growth comes back.

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