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Buy Havells India; target of Rs 1580: Motilal Oswal

Motilal Oswal is bullish on Havells India recommended buy rating on the stock with a target price of Rs 1580 in its research report dated July 20, 2023.

July 22, 2023 / 12:46 IST
Buy
     
     
    26 Aug, 2025 12:21
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    Motilal Oswal's research report on Havells India

    Havells (HAVL)’s 1QFY24 revenue grew 14% YoY, with a strong traction seen in the Cables & Wires segment, though consumer demand remained muted. EBITDA was up 11% YoY to INR4b; but was 8% below estimates as the ECD and Lighting segments reported lower margins. Cables and Wires surprised as revenue/EBIT was 11%/10% above estimates during the quarter. Management indicated muted consumer demand in Apr-May’23; though some recovery was visible in Jun’23. Urban demand was better than rural due to an uptick in construction cycle. Consumer demand as well as rural demand is expected to improve in 2HFY24.

    Outlook

    We recently reinitiated coverage on HAVL with a BUY rating. We estimate an EBITDA/EPS CAGR of 27%/29% over FY23-25 supported by margin recovery in the core business. We have a TP of INR1,580 on the stock.

    For all recommendations report, click here

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    Havells India - 21 -07 - 2023 - moti

    Broker Research
    first published: Jul 22, 2023 12:42 pm

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