Havells India posted decent revenue growth of 13.9% YoY to Rs 4,834 Cr while it remained flat sequentially. Within divisions, Cables revenue came in at Rs 1,485 Cr, up by 24.5% YoY while it declined by 5.3% sequentially. Its Llyod business remained on the growth path as it was up by 21% YoY/3.1% QoQ to Rs 1,311 Cr, ECD segment was up by 4.7% YoY/17.1% QoQ to Rs 878 Cr. Switchgears was up by 4.7% YoY whereas it was down by 10% sequentially, followed by lighting & fixtures which declined by 10.8% sequentially and remained flat against last year.
OutlookWe recommend a Hold rating with a target price of Rs. 1,466, valuing the company at a PE of 48.4x on FY25E EPS.
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