 "Havells net drops 11% to Rs 71 crore")
Electrical goods maker Havells India reported 10.54 percent fall in its consolidated net profit for the quarter ended June 30 at Rs 71.3 crore due to adverse conditions in global markets.
The company had posted a net profit of Rs 79.7 crore in the corresponding period last year. The consolidated net income during the first quarter, however, grew by 18.85 percent to Rs 1,778 crore from Rs 1,496 crore in the year-ago period, Havells India said in a statement.
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“The slowdown in Europe and general volatility in Latin America, including Brazil, Argentina and Columbia, have impacted margins,” the company said. Havells India said its all business segments performed well during the quarter with improvement in operating cash flows and ratios.
“Sales of switchgear division rose 15 percent to Rs 241 crore compared to Rs 210 crore achieved in the corresponding quarter of the previous year. The cable and wire division showed a healthy growth of 21 percent in net sales to Rs 431 crore as against Rs 356 crore,” it added.
Lighting and fixtures segment registered a revenue of Rs 150 crore as against Rs 121 crore, up 24 percent. The electrical consumer durables grew by 57 percent to Rs 210 crore from Rs 134 crore in the same period last year.
Commenting on the numbers, Havells India Joint Managing Director Anil Gupta said: “The current quarter results reflect benefits of our expanding footprint in India in all business segments. We continue to focus on expanding our product portfolio, which offer differentiated value proposition to our
customers.”
Shares of Havells India were being quoted higher by 1.85 percent at Rs 563.90 apiece on the BSE during the afternoon trade.
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