Havells India Q2 profit at Rs171 crore
New Delhi: Consumer electrical goods maker Havells India Ltd on Monday reported a standalone net profit of Rs171.02 crore for the quarter ended September, on account of higher income.
The company had posted a net profit of Rs145.79 crore during the same period previous fiscal, Havells India said in a regulatory filing. The company said the results are not comparable as it had acquired the consumer durable business of Lloyd Electric and Engineering. The latest figures includes the concerned business.
Net sales during the quarter stood at Rs1,777.36 crore against Rs1,559.33 crore in the year-ago period.
Havells India had acquired the consumer durable business of the Lloyd Electric and Engineering for an enterprise value of Rs1,600 crore in February.
“GST (goods and services tax) with high tax rates on electrical products continues to disrupt demand scenario with muted consumer offtake and delayed restocking at channel,” Havells India chairman and managing director Anil Rai Gupta said.
He further said the GST transition has been well consummated at dealer and vendor platform. Revenue from cable business during the period stood at Rs569.34 crore while electrical consumer durable business revenue was Rs321.55 crore. Revenue from switchgears was Rs329.85 crore whereas lighting and fixtures contributed Rs286.81 crore during the quarter.