Dolat Capital's research report on Havells India
IN the AR, Havells has discussed at length the impact of automation and software solutions across its entire value chain. It has also outlined some of the future initiatives it has planned to use IoT, Big data etc. We are very enthused about the way the company has utilized and continues to use IT as a major business enabler. From a commercial angle, this has helped Havells in saving significant manpower cost incurred previously to manage the loyalty programmes and reduce retail last mile workforce by 50%.
Outlook
We continue to like Havells in the consumer electricals space. Structural growth story should continue, and we maintain our Buy rating, Stock trades at 39/31x at FY19E/20E
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