Havells Ltd Q3 PAT down -12.66% at Rs305.82cr as Lloyds Consumer business continued to be a drag on profits

21 Jan 2022 , 08:40 PM

Havells Ltd reported 15.40% growth in total revenues for the Dec-21 quarter on consolidated basis at Rs3,664.21cr. On a sequential basis, the revenues were higher for the quarter by 13.16%.

During the quarter, cables saw a yoy growth in sales of 33.3% at Rs1,206cr. Among other major verticals, electrical consumer durables were up 14.4% at Rs896cr while lightings recorded 13.8% growth at Rs413cr.

The switchgears business grew 13.5% at Rs496cr. Only Lloyds business dragged revenues lower yoy.

The consolidated Profit after tax (PAT) for the Dec-21 quarter was down -12.66% at Rs305.82cr. The biggest drag in profits came from the Lloyds consumer business which saw its operating losses widening.

The sharp spike in raw material and inventory costs in the quarter led to flat to negative growth in profits across various verticals. PAT margins were lower from 11.03% in Dec-20 to 8.35% in Dec-21 quarter.

Sequential net margins were also lower by 100 bps as the cost pressures have been quite intense in the quarter.

Financial highlights for Dec-21 compared yoy and sequentially

	Havells India
Rs in Crore	Dec-21	Dec-20	YOY	Sep-21	QOQ
Total Income (Rs cr)	₹ 3,664.21	₹ 3,175.20	15.40%	₹ 3,238.04	13.16%
Net Profit (Rs cr)	₹ 305.82	₹ 350.14	-12.66%	₹ 302.39	1.13%
Diluted EPS (Rs)	₹ 4.88	₹ 5.59		₹ 4.83
Net Margins	8.35%	11.03%		9.34%