Motilal Oswal's research report on Havells India
Revenue grew 13.2% YoY to INR 15.1b in 3QFY17, significantly exceeding our estimate of INR 13.3b. Operating profit of INR 1.9b (+4.0% YoY) too was above our estimate of INR 1.0b. Similarly, adjusted PAT of INR 1.3b (+12% YoY) came in higher than our estimate of INR 0.7b.
Outlook
We raise our FY17/FY18E EPS by 19/6% to factor in the lower-than-estimated impact of demonetization on the company’s financials. We maintain Buy with a revised TP of INR 440 (prior: INR 390). We ascribe 32x P/E (20% premium to 5 year average) multiple on its FY19E EPS of INR 13.8.
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