Havells India share price slipped 9 percent intraday on October 21, a day after the consumer electrical goods maker announced its September quarter results.
Havells India on Wednesday reported a 7.34 percent decline in its consolidated net profit at Rs 302.39 crore for the quarter ended on September 30, 2021 compared to Rs 326.36 crore in the year-ago quarter.
Its revenue from operations rose by 31.65 percent to Rs 3,238.04 crore during the period under review as against Rs 2,459.49 crore in the corresponding period of the last fiscal.
Havells total expenses were at Rs 2,866.54 crore, up 35.60 percent at Q2/FY 2021-22 as against Rs 2,113.92 crore.
Revenue from the switchgears segment was Rs 448.17 crore, up 21.03 percent as against Rs 370.27 crore in the July-September quarter a year ago.
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Yes Securities expect stock to continue trading at premium valuations as it has been able to surpass expectations even in a difficult environment and has been able to manage its profitability much better than peers.
The broking firm expects earnings upgrades as the company continues to deliver strong growth in challenging times and continues to remain positive on with buy rating and target price of Rs 1,390.
At 09:56 hrs Havells India was quoting at Rs 1,290, down Rs 115.35, or 8.21 percent on the BSE.
The share touched a 52-week high of Rs 1,503.70 and a 52-week low of Rs 700.15 on October 18, 2021 and October 20, 2020, respectively.
Currently, it is trading 14.21 percent below its 52-week high and 84.25 percent above its 52-week low.