Havells India Q3 Results Review - Outperformance To Continue: Yes Securities

Havells India has once again delivered inline revenue growth with sequential margin improvement.

<div class="paragraphs"><p>Havells India fans displayed inside a store. (Source: BQ Prime)</p></div>
Havells India fans displayed inside a store. (Source: BQ Prime)

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Yes Securities Report

Havells India Ltd. has once again delivered inline revenue growth with sequential margin improvement. Growth was aided by higher volumes across the product categories with business-to-business side faring better while business-to-consumer business saw impact of high inflationary environment.

Margins saw sequential improvement on back of stable commodity prices as most of the high‐cost inventory for Havells was liquidated in Q3.

Management expects further margin improvement in Q4 as high‐cost inventory for Lloyds would be liquidated in Q4. Managementis cautiously optimistic of demand as channelfilling for summer products has been strong for fans and room air conditioner, while rise in commodity prices from end of December could lead to margin volatility going forward.

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Yes Securities Havells Q3FY23.pdf


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