Earnings Outlook
Cables ops to limit Havells India's Lloyd-led revenue fall
This story was originally published at 22:52 IST on 19 July 2025
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By Anand JC
NEW DELHI – Consumer durables major Havells India Ltd. is expected to report lower growth in its top line for the June quarter, limited by a sharp on-year contraction in revenue from Lloyd Consumer's business but boosted by robust performance in the cables and wires business, analysts said. The company will detail its financials for the quarter Monday.
Havells India's net profit for the June quarter is expected to be INR 3.83 billion, according to an average of 11 brokerages' estimates. Its bottom line is likely to register a decline of 6.8% on year. Antique Stock Broking Ltd.'s net profit estimate of INR 4.39 billion is the highest and Prabhudas Lilladher Pvt. Ltd.'s forecast of INR 3.50 billion is the lowest.
The June quarter was weak for the consumer durables sector as product sales were affected by the early onset of the southwest monsoon. Havells India's revenue for the quarter is expected to rise only 2.5% on year to INR 59.42 billion.
The company has a presence in multiple segments in the consumer durables sector. For the financial year 2024-25 (Apr-Mar), it had earned around 33% from the cables and wiring segment and nearly 24% from the Lloyd Consumer segment.
The cables and wiring segment is expected to report a revenue growth of 15-20% for the June quarter, according to analysts. At an industry level, this segment is expected to outperform other segments due to growth led by industrial demand and higher stocking in trade channels amid rising copper prices, Centrum Broking said in a report.
Kotak Institutional Equities expects 15% on-year growth for the cables and wiring segment of Havells India, aided by a ramp-up in capacity utilisation of its cables facility and coupled with a low base.
Earnings of the Lloyd Consumer segment were likely to have been affected by unseasonal rains, which pulled down sales of air-cooling categories, analysts said. Havells India sells air conditioners, televisions, washing machines, and refrigerators under the Lloyd brand.
Demand for room air conditioners was affected by a delayed summer season in the March quarter, the company had said in a conference call with analysts in April. Revenue of the room air-conditioner industry is likely to have declined 20-30% in the June quarter because of a high base, disrupted summer, and aggressive increase in inventory at the channel level during the March quarter, Kotak Equities said. The brokerage expects this segment's revenue to fall 20% on year for the June quarter, far higher than Nuvama Institutional Equities' expectations of a 2% decline.
Havells India's earnings before interest, taxes, depreciation, and amortisation for the June quarter is expected to be INR 5.60 billion, according to an average of 10 brokerages' estimates. Its EBITDA is expected to fall nearly 3% on year.
Friday, shares of Havells India closed at INR 1,518.50 on the National Stock Exchange, down nearly 1%. The company had reported its March quarter earnings on Apr. 22. Since then, its share price has fallen almost 9%. But of the 20 brokerage reports on the stock available with Informist, as many as 17 have a "buy" rating, while three have a "hold" call. There are no "sell" calls. On average, the buy calls have a target price of INR 1,813.
Following are the Apr-Jun earnings estimates for Havells India, in INR million, based on reports from 11 brokerages in descending order of net profit:
Brokerage | Net sales | Net profit | EBITDA |
Antique Stock Broking Ltd. | 62,645.00 | 4,391.00 | 6,229.00 |
YES Securities (India) Ltd. | 59,675.00 | 4,339.00 | 6,326.00 |
Dolat Capital Market Pvt. Ltd. | 58,717.00 | 3,918.00 | 5,640.00 |
Centrum Broking Ltd. | 57,255.00 | 3,868.00 | 5,520.00 |
JM Financial Institutional Securities Pvt. Ltd. | 58,476.00 | 3,804.00 | 5,597.00 |
Nirmal Bang Equities Pvt. Ltd. | 57,291.00 | 3,764.00 | 5,445.00 |
Kotak Institutional Equities | 57,927.00 | 3,748.00 | 5,479.00 |
Anand Rathi Share and Stock Brokers Ltd. | 60,130.00 | 3,659.00 | |
Elara Securities (India) Pvt Ltd. | 61,533.00 | 3,600.00 | 5,213.00 |
Nuvama Wealth Management Ltd. | 60,255.00 | 3,562.00 | 5,304.00 |
Prabhudas Lilladher Pvt. Ltd. | 59,731.00 | 3,503.00 | 5,316.00 |
Average | 59,421.36 | 3,832.36 | 5,606.90 |
End
Edited by Nishant Maher
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