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Informist, Friday, Oct. 17, 2025

By Avishek Rakshit

KOLKATA – An uptick in Havells India Ltd.'s core segments--wires & cables and switchgears--along with modest gains in its switchgears business, made the company report a net profit for the September quarter which was in line with the Street's expectations although the revenue was lower than the Street's projections.

Havells reported 16% on-year growth in September quarter profit to INR 3.17 billion against the Street's expectation of INR 3.14 billion. Revenue increased a little over 5% on year to INR 47.7 billion against analysts' average projection of INR 48.2 billion.

The company's revenue from the wires and cables business, which accounts for 42% of the revenue and 67% of the pre-tax profits, rose by over 12% to INR 20.3 billion, and the profit increased by 80.5% on year to INR 2.8 billion. Revenue from the switchgears business increased 8% on year to nearly INR 6 billion and the pre-tax profit from switchgears increased nearly 15% on year to INR 1.3 billion.

The lighting and fixtures business also saw revenue rising by over 8% on year to INR 4.3 billion and the profit increased by 10% on year to INR 550 million. However, revenues dipped in the consumer electricals and consumer durables business and the latter furthered losses in the September quarter. The consumer electricals business reported nearly 2% decline in sales to INR 8.4 billion and the profit fell 26.5% on year to INR 475 million. The white goods business, housed under the Lloyd brand, saw the top line fall by 18% on year to INR 4.8 billion and the loss widened to INR 1 billion in the September quarter from INR 243 million in the year-ago quarter.

Havells said that while cables continued to exhibit steady growth momentum in the quarter under review, pricing stabilisation of light-emitting diode products led to the revenue growth in the lighting business. However, softer performance in the consumer electricals business, mainly in fan and air cooler categories which were impacted by weak summer and the channel inventory overhang arising from Goods and Services Tax cuts led to decline in revenues from the Lloyd business.

The company, in a presentation to the investors that was submitted to the bourses, maintained that its performance in the September quarter was "decent", but the summer products continue to experience weakness.

While continuing to invest to strengthen its brand presence, the overall expense growth has been in-line with revenue growth, Havells said.

Consequent to the relocation of the company's switchgear business from Faridabad to Sahibabad in the last financial year, the land and building at Faridabad and certain other assets were sold during the September quarter, Havells said. The profit from sale of such assets amounting to INR 453 million has been recognised as other income in the company's September quarter results.

The company's earnings before interest, tax, depreciation, and amortisation rose by 16% on year to INR 4.4 billion and the EBITDA margin increased to 9.3% from 3.8% in the year ago period.

For the six months ended September, the company's revenue fell 1.2% on year to INR 102 billion and net profit fell 2% on year to INR 6.7 billion. On Friday, shares of Havells India closed at INR 1,491.50 on the National Stock Exchange, up over 1% from the previous day. The company declared its September quarter results after market hours.  End

Edited by Ashish Shirke

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