Havells Net Profit Drops 7.2% In Q3
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Havells Net Profit Drops 7.2% In Q3

Havells reported a 7.2 per cent fall in net profit for the December 2022 quarter, to 283.54 crore, on Thursday. Havells reported a net profit of 305.92 crore in the previous fiscal year in a regulatory filing.

Havells’ revenue from operations increased by 12.8 per cent to 4,119.71 crore in the quarter under review, up from 3,652.25 crore the previous year.

Net profit increased by 51.7 per cent sequentially, as Havells posted a net profit of 186.81 crore in the September quarter.

The business recorded total segment revenue of 4119.71 crore, headed by its cables sector, which accounted for 1,412.14 crore, according to the filing.

The board of directors of the firm proposed an interim dividend of Rs. 3 per equity share of 1.

“The Board of Directors has also announced an Interim Dividend of Rs. 3/- per Equity Share of Re. 1/- each, i.e. @ 300% on the Company’s Equity Share Capital,” Havells stated in a regulatory filing.

The interim dividend is scheduled to be paid on 28 January 2023. The dividend is due on February 17, 2023.

The impetus of Lloyd’s expansion has been maintained; nevertheless, margins are under pressure due to high-cost inventories and market competitiveness.

“Lloyd continues to hold high-cost inventory. Margins should further improve in Q4,” said Havells in its regulatory filing.

“Accelerated investment on brand with spend of Rs. 128 crore as against Rs 100 crore Q3 last year,” it added.

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