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Prabhudas Lilladher Report
We change FY22/FY23/FY24 earnings per share estimate of Havells India Ltd. by down 2.2%/ down 2.3%/ 0.5% given-
margin pressures due to input cost inflation,
moderating near term demand due to inflation, omicron scare.
Havells India negatively surprised on gross margins for consecutive quarters due to inability to pass on raw material inflation as Q3 closed on a soft note. However, with not so severe third wave, management remains optimistic on demand resilience and will initiate gradual price hikes in coming months, which in our view will enable sequential margin improvement.
We expect Havells India to benefit from demand uptick in both consumer and industrial/infra (25% of sales) portfolio.
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