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Dolat Capital Report
Havells India Ltd.'s quarter was weak as expected with revenue decline of 45% at Rs 13.8 billion, with decline in the range of 40-53% across segments.
While Ebitda was down 53%. Margins were helped by lower costs, especially in advertisment expenses, which enabled Havells to end at 9% margins.
Working capital pressure was seen with WC days going up to 48 days and it has availed Rs 8.7 billion of credit line in the quarter and net cash has declined to Rs 8.4 billion versus Rs 10 billion in March quarter.
Trailing twelve months return on equity has declined to 14.8%, down 420 basis points.
While summer products have lost the season in FY21, Havells also has challenges in its cables, wires and switches segments, which are longer recovery cycle products incumbent on recovery in infra and real estate.
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