New Delhi: Consumer electrical goods maker Havells India on Tuesday reported 27.54% increase in net profit at Rs152.97 crore for the third quarter ended 31 December.
The company said the increase in net profit during the third quarter was on account of an exceptional profit of Rs19 crore due to divestment of remaining 20% stake in its associate company Havells Exim.
The company had posted a net profit of Rs119.93 crore for the same period of previous fiscal. Total income from operations stood at Rs1,622.07 crore for the third quarter as against Rs1,431.59 crore during the same period of previous fiscal, Havells India Ltd said in a regulatory filing.
“The recent demonetisation event in November 2016 caused severe anxiety and uncertainty in the industry particularly with dealer fraternity. Havells, in line with its philosophy, acted swiftly and connected with its trade partners with an extensive outreach plan,” Havells India chairman and MD Anil Rai Gupta said.
The company recognised market constraints and hardships faced by dealers for an intermittent period and thus decided to offer certain relaxations under ongoing trade schemes to alleviate their concerns amidst lower secondary offtake and likely fund crunch, he said.
“We believe that our outreach initiative has strengthened and reinforced our longstanding trade relationships,” Gupta added.