Kotak Securities is bearish on Havells India has recommended sell rating on the stock with a target price of Rs 442 in its research report dated October 24, 2017.
Kotak Securities' research report on Havells India
HIL reported Q2FY18 revenue in line with our estimate, however higher margins in Lloyd and cable division led to PAT higher than our estimate. Other divisions (comparable business, ex-Lloyd) reported muted YY revenue growth affected by lower primary sales due to GST implementation.
We tweak FY18/FY19 earnings estimate to factor in sluggish sales in key segments due to GST transition. Value HIL stock at 31x FY19 estimated earnings and maintain ‘SELL’ recommendation with revised price target of Rs 442 (Rs 460 earlier).
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