Havells India today reported a 43 per cent increase in its consolidated net profit for the first quarter ended June 30, 2011 at Rs 80 crore.
For the three months ended June 30, 2010, the company's net profit was Rs 56 crore, it said in a statement. Havells' consolidated net sales for the first quarter of current fiscal increased 15 per cent at Rs 1,496 crore, as against Rs 1,304 crore during the corresponding period of last financial year.
"We believe that the company is well poised to benefit from growing construction sector and strong consumer spending in India," Havells India Joint Managing Director Anil Gupta said. The company has a distribution network of 4,300 dealers and 35,000 retailers.
"Successful restructuring exercise of Sylvania has already started bearing fruits as we have already started shifting our manufacturing base for Sylvania to India and increase sourcing of lighting products from India," he added.
Havells that makes switch gears, cables, wires, lighting products and other electrical items had acquired Sylvania in 2007. The firm's scrips closed at Rs 354.50 per share, down 2.34 per cent from the previous close on the BSE.
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