Havells India Records 42% Surge in Q1 Profits Amid Scorching Summer

Havells India Ltd on Thursday reported a significant 42 percent jump in consolidated net profit, reaching Rs 407.51 crore for the first quarter ended June 30, 2024. The robust sales growth was attributed to a scorching summer season.

The company had previously posted a consolidated net profit of Rs 287.07 crore during the same quarter last fiscal year, according to a regulatory filing. The first quarter's consolidated revenue from operations rose to Rs 5,806.21 crore, compared to Rs 4,833.8 crore in the corresponding period a year ago.

Total expenses during this quarter were higher at Rs 5,334.54 crore, up from Rs 4,516.59 crore in the year-ago period. Revenues from the electrical consumer durables segment surged to Rs 1,055.42 crore, while the Lloyd brand of consumer products generated Rs 1,928.72 crore in revenue. The cables business segment also saw growth, recording revenue of Rs 1,521.24 crore.

In an investor presentation, Havells India highlighted that the scorching summer significantly boosted sales, with industrial and infrastructure segments performing well amidst some election-related impacts. The company invested 3 percent of its revenue in brand building and advertising, maintaining a positive demand outlook with an uptick in consumer trends.

(With inputs from agencies.)