CITI has maintained its ‘Neutral’ rating on Havells with a target price of ₹1,950, implying a 24.3% upside from the current market price of ₹1,568.40.
The company’s Q3 performance reflected mixed results. While revenue grew 11% year-on-year, it missed CITI’s estimates by 6%. EBITDA and PAT growth were weaker, registering flat and -2% YoY growth, respectively, missing estimates by 16% and 21%.
Segment-wise, growth was stronger in emerging categories, Lloyd, and ECD, but Cables & Wires and Lighting segments dragged overall performance. On the profitability front, Lloyd stood out with a 590bps YoY margin improvement, whereas Switchgear and ECD faced margin declines of 590bps and 250bps, respectively.
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