Kotak Securities' report on Havells India
"HIL reported Q3FY15 results slightly below our estimates. Domestic growth remained subdued due to weak demand for consumer appliances. Lower growth in cables division and de-growth in traditional lighting (other than LED segment) has also led to muted YoY revenue growth in the quarter. Sylvania continued to remain sluggish; however margins (adjusted for pension liability and other one offs) maintained in the quarter. We value Havells India at 28x FY16 earnings and maintain 'ACCUMULATE' (buy on declines) rating with an unchanged target price of Rs 295", says Kotak Securities research report.
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