Stock Market update: Havells India shares down by 5% post Q3 results

Stocks of Havells India fell by 5% to Rs 1244.20 per equity share against the previous close at Rs 1310.30 per share, in today’s early trade.

The shares of an Indian electronics company, Havells India fell by 5% at Rs 1244.20 per share against the previous close at Rs 1310.30 per share, in today’s early trade. The trade opened at Rs 1282.10 per equity share representing a decrease of 2.15% and hitting a high of Rs 1306.50 per unit in today’s trade.

On Thursday, an electronics company, Havells India released its financial results report for the quarter ending December 2021 and reported a decline of 12.7 percent in its consolidated net profit to Rs 305.82 crore for the third quarter ended December 2021.

However, the company reported a consolidated net profit of Rs 350.14 crore in the October-December quarter a year ago, Havells said in a regulatory filing. The company’s revenue from operations increased by 15.4 per cent at Rs 3,664.21 crore during the period under review as compared to Rs 3,175.20 crore in the same period during the last fiscal.

Responding to the results, Havells India Chairman and Managing Director Anil Rai Gupta said, “Festive demand was encouraging. The last few weeks have seen the return of Covid-led anxiety in the demand markets but it seems that recovery could be swift. We remain positive on-demand resilience.” Havells total expenses were at Rs 3,302.50 crore, up 20.32 per cent, in Q3/FY 2021-22 as against Rs 2,744.72 crore a year ago.

According to the financial report, revenue from the Switchgears segment was Rs 495.97 crore, up 13.46 per cent as compared to Rs 437.12 crore in the October-December quarter a year ago.
Its cables segment was at Rs 1,205.83 crore, up 33.22 per cent, as against Rs 905.17 crore. Furthermore, Havells’ revenue from lighting and fixtures in Q3/FY2021-22 was up 13.86 per cent to Rs 412.92 crore, against Rs 362.64 crore in the corresponding quarter of the previous year. Whereas, the Electrical consumer durables (ECD) was up 14.36 per cent at Rs 895.53 crore as against Rs 783.06 crore in the year-ago period.

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