Havells India takes some land on long term lease in Andhra for ₹39 cr
PremiumThe land may be used for future capacity expansion, says company
PremiumConsumer electrical goods maker Havells India on Thursday said it has taken some land on long term lease in Andhra Pradesh at tentative investment of ₹39 crore.
"It is hereby informed that the Company viz. Havells India Limited has taken land measuring 45.58 acres on long term lease for 99 years, at Sri city, Chittoor District in the state of Andhra Pradesh at tentative investment of ₹39 crore. The land may be used for future capacity expansion," the company said in a stock exchange filing.
On Thursday at 3 pm, the company's scrip on NSE was trading 6% higher at ₹1,183
Last week, Havells India Ltd reported a 74.52 per cent jump in its consolidated net profit to ₹350.14 crore for the third quarter ended on December 2020.
The company had posted a consolidated net profit of ₹200.62 crore in the October-December quarter a year ago.
Its revenue from operations was up 39.67 per cent to ₹3,175.20 crore during the period under review as against ₹2,273.29 crore in the corresponding period last fiscal, the company said.
Havells' total expenses were at ₹2,744.72 crore as against ₹2,064.24 crore, up 32.96 per cent.
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