BQ Prime'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 BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
Havells India Ltd. posted strong revenue in Q4 FY22 at Rs 44.2 billion (up 33% YoY and 21% QoQ driven by cables and Lloyd segments), which surpassed our estimate.
However, Ebitda (up 3% YoY and 18% QoQ) and profit after tax (up 17% YoY and 15% QoQ) were in line, due to lower Ebitda margin (11.8%) mainly in Lloyd (~22% revenue mix, down 2% Ebit margin).
We expect Lloyd's margins to remain weak over the next few quarters, factoring in the upfront investments in brand building, distribution set up and new launches.
However, Lloyd would concentrate on gaining market share in key white goods categories.
Havells sustained a healthy balance sheet with net cash of ~Rs 26 billion.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime 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 BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
