Havells India Ltd, a manufacturer of consumer electrical goods, announced a 7.5% rise in its consolidated net profit, reaching Rs 267.77 crore for the quarter ending September 2024. This growth is attributed to an uptick in consumer demand.
In the same period last year, the company’s consolidated net profit was Rs 249.08 crore, as disclosed in a regulatory filing. Revenue from operations saw a significant increase of 16.38%, totaling Rs 4,539.31 crore in the September quarter, compared to Rs 3,900.33 crore during the same timeframe last year.
Havells reported strong growth across various segments, driven by improved consumer demand. The company noted that a shift in the festive season led to increased spending on advertising and promotions during the quarter.
Total expenses for Havells rose by 18% to Rs 4,268.94 crore in the September quarter. Additionally, the company resolved its insurance claim related to the Neemrana fire incident in 2022, receiving Rs 32.84 crore for reinstatement. This resulted in Rs 17.05 crore being classified as other income.
Overall income, which includes other earnings, climbed 17.18% to Rs 4,632.20 crore. In terms of segment performance, Havells’ revenue from the Switchgears segment rose by 4% to Rs 551 crore, while the cables segment reported a 23% increase, reaching Rs 1,805 crore, compared to Rs 1,470 crore in Q2 FY24.
Conversely, revenue from lighting and fixtures dipped by 1% to Rs 395.07 crore. The electrical consumer durables (ECD) segment grew by 17% to Rs 856 crore, and revenue from Lloyd Consumer, which Havells acquired in 2017, stood at Rs 589.6 crore. The ‘other segment’ revenue reached Rs 341.84 crore, reflecting a 28% increase.
Havells India is a leading electrical equipment manufacturer known for its wide range of products, including industrial and domestic circuit protection devices, cables, motors, fans, lighting, and appliances. Headquartered in Noida, Uttar Pradesh, the company has established a strong presence in both domestic and international markets.
With a focus on innovation and quality, Havells has built a reputation for delivering reliable and energy-efficient products. The company has an extensive distribution network and a robust manufacturing infrastructure, including state-of-the-art facilities.
Through its brand Lloyd, Havells has also made significant strides in the consumer durable space, offering air conditioners, refrigerators, and washing machines. With sustainability and customer-centricity at its core, Havells continues to drive growth in India’s evolving electrical and electronics market.
