Havells India Ltd. expects demand for its consumer durables to improve in the latter half of the current financial year, the company's Chairman and Managing Director Anil Rai Gupta said on Monday.
“The consumption slowdown has impacted our businesses in India but the factors behind them are temporary," Gupta told BloombergQuint in an interview. Government spending fell due to the general election, he said, adding that the government should pump up its purchases.
Revenue of the company's electric consumer durables segment jumped 24 percent year-on-year to Rs 623.5 crore in the quarter ended June.
Havells India Q1 Results 2019-20: Key Highlights (YoY)
- Net revenue rose 4.5 percent to Rs 2,712 crore.
- Net profit fell 17 percent to Rs 174 crore.
- Operating profit fell 14 percent to Rs 276 crore.
- Margins at 10.2 percent vs 12.4 percent.
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