Havells Q1 Results: Net profit rises 18% on year to ₹287.07 crore | Mint
Active Stocks
Tue Feb 27 2024 15:57:55
  1. State Bank Of India share price
  2. 749.70 -1.23%
  1. Tata Steel share price
  2. 144.15 1.09%
  1. Power Grid Corporation Of India share price
  2. 292.50 1.65%
  1. Sun Pharmaceutical Industries share price
  2. 1,579.10 1.42%
  1. ITC share price
  2. 411.15 0.48%
Business News/ Companies / Havells Q1 Results: Net profit rises 18% on year to 287.07 crore
BackBack

Havells Q1 Results: Net profit rises 18% on year to ₹287.07 crore

Havells India Ltd's Q1FY24 net profit rose by 18% YoY to ₹287.07 crore, while revenue from operations jumped nearly 14% YoY to ₹4,833.80 crore.

Havells India share price opened at ₹1,373.95 apiece on BSE. The stock touched a new 52-week high today at ₹1,408.Premium
Havells India share price opened at 1,373.95 apiece on BSE. The stock touched a new 52-week high today at 1,408.

Havells India Ltd on Thursday reported an 18% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to 287.07 crore. The company had reported a profit of 243.16 crore in the year-ago period. Sequentially, the consolidated net profit slumped nearly by 20%. 

For the quarter ended June 30 (Q1FY24), consolidated revenue from operations jumped nearly 14% year-on-year to 4,833.80 crore from 4,244.46 crore in Q1FY23.

Havells India's consolidated total income for the quarter under review, stood at 4,898.64 crores as compared to 4,292.05 in Q1FY23.

Earnings before interest, taxes, depreciation, and amortisation or EBITDA for Q1FY24 was at 402 crore. When compared to the 8.5% recorded in Q1FY23, the EBITDA margin dropped by 20 basis points to 8.3% during the quarter.

The company in an exchange filing reported that during the first quarter of FY24, consumer demand was subdued, while it has recently seen to take up, infrastructure and construction upcycling continued, cooling products were hit by unseasonal rains, and overall margins were maintained.

Havells India share price opened at 1,373.95 apiece on BSE. The stock touched a new 52-week high today at 1,408. Following Q1FY24 numbers, the stock witnessed some profit booking, according to analysts.

“The stock prices have seen a strong move from the Monday's low of 1,258 and in the morning as well the prices were seeing strong positive traction. However, post result we are seeing profit booking. The prices have a resistance around 1,370 and above which a multi month price breakout can be seen , until then traders should keep positions light. On the flip side, 1,300 is immediate support," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

As per trendlyne data, the stock price rose 7.3% and underperformed its sector by 49.7% in the past year.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 20 Jul 2023, 02:14 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App