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Havells India Q1 – Faltering growth poses a risk to premium valuations  

Sachin Pal
July 30, 2019 / 01:08 PM IST
Havells India Q1 – Faltering growth poses a risk to premium valuations  

PRO Only Highlights
-  Quarterly performance largely backed by improved realisations
-  Medium-term triggers China plus and protectionist measures for tyre industry
-  Valuations not inexpensive; but improved medium-term outlook

The first quarter of FY20 turned out to be a disappointment for Havells India. While top line growth was muted, the sharp increase in operating and other expenses turned out to be a major drag on margins and profitability. The stock has slumped 6 percent after its weak quarterly earnings and subdued demand outlook for the rest of the year. Key result highlights Overall revenue growth was slower in comparison to previous quarters, due to the constrained credit environment and...

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