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

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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