Havells India Q2 beats street, PAT up 44.5% to Rs 125.7 cr

Moneycontrol Bureau

Electrical products manufacturer Havells India beat analysts' expectations on every parameter with second quarter (July-September) standalone profit after tax rising a whopping 44.5 percent year-on-year to Rs 125.7 crore, driven by sales growth in all segments.

Total income of the company climbed 21.75 percent on yearly basis to Rs 1,174 crore in three-month period ended September 2013.

According to a CNBC-TV18 poll, analysts on an average had expected the company to report net profit of Rs 95.6 crore on total income of Rs 1,066 crore for the quarter.

Core earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 42 percent Y-o-Y to Rs 169 crore and operating profit margin expanded 200 basis points Y-o-Y to 14.4 percent in the quarter gone by. Analysts had expected EBITDA at Rs 138 crore and margin at 13 percent.

Switchgears revenues rose 22.9 percent year-on-year to Rs 313.5 crore and cable revenues increased 24.8 percent to Rs 487.4 crore during September quarter.

Revenues from its lighting & fixtures segment climbed 15.4 percent Y-o-Y to Rs 180 crore and electrical consumer durables revenue soared 19 percent to Rs 193.3 crore during the same period.

Other income jumped to Rs 7.81 crore in September quarter from Rs 1.95 crore in a year ago period while tax expenses surged to Rs 29.63 crore from Rs 18.47 crore Y-o-Y.

Meanwhile, consolidated net profit of the company stood at Rs 112 crore during September quarter as against Rs 242 crore in a year ago period. There was an exceptional income of Rs 167 crore in July-September quarter of 2012.

Consolidated net sales jumped to Rs 2,030 crore from Rs 1,699 crore and EBIDTA increased to Rs 195 crore from Rs 145 crore, year-on-year.

European subsidiary Sylvania posted a net loss of euro 1.6 million during September quarter as against profit of euro 24.3 million in a year ago period due to currency fluctuations. It had an exceptional gain of euro 23 million during Q2FY13.

EBITDA dropped to euro 3 million from euro 4 million during the same period.

At 12:22 hours IST, the stock was trading at Rs 741.50, up 5.97 percent amid large volumes on the BSE.