Buy Havells India; target of Rs 672: Dolat Capital

Dolat Capital's research report on Havells India

Q1 was a good quarter with inline margins and PAT. Core Havells at 19%, helped by the base of a pre-GST quarter last year. Expected revival of real estate in H2’19 will push core segments. We increase our FY19/20 earnings marginally by 2%/1% leading to an increase in target price to ` 672. Structural growth story should continue, and we maintain our positive view on the company.

Outlook
We increase our FY19/20 earnings marginally by 2%/1% leading to an increase in target price to ` 672. Structural growth story should continue, and we maintain our positive view on the company.

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