Havells India Ltd. is counting on the North Indian heat to stoke demand for its cooling products after a subdued start to the season. Chairman and Managing Director Anil Rai Gupta said a delayed summer weighed on secondary sales in April, especially in the southern region.
“It is very early days. The first push came from the southern market, but we're waiting to see how it pans out in North India — which is a large part of the fan and AC business,” Gupta told NDTV Profit. He also believes that if temperatures rise in the coming weeks, the company could see a recovery in cooling product sales.
Despite the slow pickup in seasonal demand, Havells remains confident in its broader growth strategy. Gupta said, “We are expecting decent growth in the coming quarter. If you separate the summer impact, the other businesses are tracking well.”
The company is continuing to invest in structural growth across verticals, especially in distribution and digital outreach. Gupta added that Havells is focused on long-term expansion and innovation in categories like air conditioners, with ongoing work to bring new technologies to market.
“We are deepening our distribution, strengthening our consumer presence, and building our brand — all of this is starting to reflect in structural growth,” he said.
Anil Rai Gupta, Chairman & Managing Director, Havells India. (Image source: @AnilRaiGupta via X)
Summer Stocked, But Waiting For Heat
While the company entered the quarter with healthy inventory levels following last year's strong summer, actual movement of cooling products has been slower than expected. Gupta acknowledged that the delayed onset of heat has impacted secondary sales in some regions.
“There has been some amount of positive stocking at the channel level… it is a little bit dampened by the fact that this summer has been late,” he said.
Havells Q4 Earnings Beat Expectations
The company reported an all-round beat on revenue, Ebitda, and profit—driven primarily by strong growth in its Lloyd brand and cables and wires segments on Tuesday. Havells India Ltd. posted a 16% rise in standalone net profit for the quarter ended March 31, 2025.
Net profit for the fourth quarter stood at Rs 522.26 crore, up from Rs 448.86 crore in the year-ago period. The board has recommended a final dividend of Rs 6 per share, according to the company's filing with the stock exchanges on Tuesday.
Analysts' Commentary Mixed Post Results
Brokerage reactions were divided following the earnings. While most acknowledged the robust growth, views differed on valuation and forward risks.
Jefferies and Citi maintained a 'neutral' rating on the stock. Nomura reiterated its 'buy' call, while Bank of America held its 'underperform' stance.
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