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Yes Securities Report
Havells India Ltd. revenue growth has been aided by continued industrial and infrastructure led B2B segment, with some early signs of benefit from real estate uptick and positive start for the summer products.
ECD has registered growth of 22%, led by strong performance of fans which has grown higher than segment albeit on low base. Gross margins have improved on YoY basis, while flowthrough of higher gross margin has resulted in Ebitda margin improvement. Lloyds has been mixed bag for the quarter as revenue grew 6% yoy while Ebit margins stood at 2.7% with double digit contribution margins.
Lower revenue growth for Lloyd's is attributed to more focus on sell out rather than inventory filling. Management expects strong demand for summer products to continue in Q1 as well, while uptick in real estate to result in positive demand for B2C products with continued demand for B2B categories on sustained infrastructure development.
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