Havells India misses quarterly estimates amid weak demand, rising competition
Consolidated net profit came in at 3.48 billion rupees ($40.33 million) for the quarter ended June 30, down from 4.08 billion a year ago, and missing the LSEG consensus estimate of 4.06 billion rupees.
Revenue from operations declined nearly 6% to 54.55 billion rupees, while total expenses dropped 5% to 50.55 billion rupees as input costs fell.
For further earnings highlights, click here.
India's wires and cables market is bracing for disruption next year, with UltraTech Cement (ULTC.NS), opens new tab and Adani-backed Praneetha Ecocables set to enter the fray.
To fend off the rising competition, Havells has stepped up investments in distribution and brand-building efforts, analysts have said.
Meanwhile, a shorter summer dented demand for air conditioners sold under Havells' Lloyd brand, the company said.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL TO JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 86.2830 Indian rupees
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