Electrical equipment manufacturer Havells India said profit increased 27.5 percent year-on-year to Rs 153 crore in the quarter ended December 2016. It was driven by other income and one-time gain.
Revenue during the quarter grew by 13.3 percent to Rs 1,622 crore compared with Rs 1,431.6 crore in year-ago period, aided by cable and electrical consumer durables businesses.
Operating profit increased 4.2 percent year-on-year to Rs 193 crore but margin contracted by 100 basis points to 11.9 percent in the quarter gone by due to demonetisation.
Earnings except margin beat analysts' estimates. Profit was expected at Rs 123 crore on revenue of Rs 1,368 crore and operating profit was estimated at Rs 177 crore with margin of 12.9 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Havells reported one-time gain of Rs 19 crore (against nil YoY) and other income at Rs 26.4 crore, nearly doubled from Rs 13.4 crore in year-ago period.
Exceptional item was profit on divestment of remaining 20 percent stake in Havells Exim to Feilo as per contractual terms, the company said.
Cable business during the quarter grew by 17.4 percent to Rs 683 crore and electrical consumer durables segment registered a 19 percent growth at Rs 343.60 crore compared with corresponding quarter of last fiscal.
Revenue from switchgears and lighting & fixtures segments increased 1.7 percent each year-on-year to Rs 346 crore and Rs 224.77 crore, respectively.
At 15:04 hours IST, the stock was quoting at Rs 373.55, down Rs 7.80, or 2.05 percent on the BSE.