Havells India eyes 25% rev growth in FY11

Havells India eyes 25% rev growth in FY11
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First Published: Mon, Nov 01 2010. 03 48 PM IST
Updated: Mon, Nov 01 2010. 03 48 PM IST
Mumbai: Electrical components maker Havells India is eyeing a 25% growth in its revenue in FY11, its president said on Monday.
The company, earlier in the day, reported an eight percent rise in July-September net profit to Rs 58.57 crore on net sales of Rs 690 crore .
Havells India plans to raise the number of franchisee retail stores to 100 by March 2011 and 200 by December 2011 from the current 64, Sunil Sikka told a news conference.
It plans to launch ‘Sylvania’ brand in new and emerging markets in Asia and Africa and cut exposure to European markets, he said.
Havells, which bought Sylvania brand in April 2007, had to subsequently incur losses due to global slowdown in 2008, he said.
“Now the company has completed the restructuring process of Slyvania and has cut down fixed costs by 33 million euros.”
The firm had cut staff from 3,800 to 2,400 and later shut some of its units. Havells also moved its UK unit to India’s Rajasthan state.
Going forward, Sylvania’s operating profit margins are expected to be in the range of 9-10% compared to 8.4% in the September quarter, Sikka said.
Shares of Havells India closed at Rs 412.25 on Monday, down 0.39% in a firm Mumbai market.
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First Published: Mon, Nov 01 2010. 03 48 PM IST