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Havells India's Q4FY16 standalone net profit jumps close to three fold yoy to Rs.366.49 crore on exceptional item gains: In line with estimates

The company’s revenue stood at Rs. 1,475.44 crore, up 9.35% yoy and 9.74% qoq

May 11, 2016 2:10 IST | India Infoline News Service
Havells India, fastest growing Electrical Power Distribution Equipment Company, reported standalone net profit of Rs. 366.49 crore for the quarter ended March 31, 2016, registering growth of 200.77% yoy and 203.46% qoq. The company’s revenue stood at Rs. 1,475.44 crore, up 9.35% yoy and 9.74% qoq.

Its standalone core operating profit of Rs. 220.14 crore for the quarter, clocked growth of 22.55% yoy and 21.31% qoq. Operating profit margin for the current quarter at 14.92% expanded by 161 bps yoy and 142 bps qoq.

For the year ended March 31, 2016, the company reported standalone net profit of Rs. 715.35 crore, growing by 53.86% yoy. Its standalone revenue for the period stood at Rs. 5,436.88 crore, registering growth of 3.78% yoy.

Havells India Ltd's core operating profit stood at Rs. 747.88 crore, recording growth of 5.77% yoy. Operating margin for the current period at 14% expanded by 50 bps yoy.

For the year ended March 31, 2016, the company reported consolidated net profit of Rs. 1,208.91 crore, growing by 213.66% yoy. Its consolidated revenue for the period stood at Rs. 7,714.18 crore, registering decline of 10.92% yoy.

Havells India's core operating profit stood at Rs. 800.21 crore, recording growth of 10.97% yoy. Operating margin for the current period at 10.37% expanded by 204 bps yoy.
Havells India- In line with IIFL estimates; one time exception gains lifts bottom-line:

Havells India numbers were in line with IIFL estimates, both on top line and bottom line front. The company outperformed IIFL estimates on the bottom line front on account of one time gain. Havells reported exceptional item of Rs. 202.39 crore for the quarter. Part of its expcetional gains were realized by company’s wholly owned subsidiary, Havells Holdings on account of completion of sale with respect to 80% of its stake in Havells Malta to INESA UK, an affiliate of Shanghai Feilo Acoustics Co, china based listed company at an agreed consideration of Rs. 1011.15 crore. The other half was realized by the company itself on completing sale of shares with respect to 80% of its stake in another wholly owned subsidiary ‘ Havells Exim’ to Shangai Feilo Investment Co, an affiliate of Shanghai Feilo Acoustics Co, china based listed company at an agreed consideration of Rs. 75.89 crore.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Standalone Revenue 1475.44 1388.9 6.23
Standalone Net Profit 366.49 122.8 198.44

Standalone EPS for the quarter stood at Rs. 5.87.

Bloomberg estimated the company’s standalone net profit at Rs. 151.96 crore.

Stock Commentary:

Havells India Ltd is currently trading at Rs. 341.3, down by 5.1 points or 1.47% from its previous closing of Rs. 346.4 on the BSE.

The scrip opened at Rs. 340.9 and has touched a high and low of Rs. 348.95 and Rs. 336.55 respectively. So far 2721898(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 21635.72 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 355 on 20-Apr-2016 and a 52 week low of Rs. 235.6 on 09-Nov-2015. Last one week high and low of the scrip stood at Rs. 347.5 and Rs. 327.2 respectively.

The promoters holding in the company stood at 61.63 % while Institutions and Non-Institutions held 29.74 % and 8.62 % respectively.

The stock is currently trading below its 50 DMA.


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